Bloomberg.com, 28 Oct 2008, Shamim Adam
Oct. 23 (Bloomberg) -- GPT Group Chief Executive Officer Nic Lyons stepped down as the Australian real estate investment trust announced a A$1.8 billion ($1.2 billion) rights offer to repay debt after property values declined.
A rights offer will raise at least A$1.3 billion and the sale of exchangeable securities to the Government of Singapore Investment Corp., or GIC, will add A$250 million, Sydney-based GPT said today in a statement to the Australian stock exchange.
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