The GPT Group will sell its remaining malls in the US through a joint venture with Babcock & Brown.

 The malls will be sold to two separate purchasers for nominal amounts, with the purchasers to take on existing debt obligations. In June 2009 the assets were held inGPT’s accounts at zero value.

 Michael Cameron, CEO of GPT, said he was pleased to be able to announce the transactions.

“Having completed this process and the divestment of the GPT Halverton business this month, we are entering 2010 with a simplified and more transparent business, with our focus now firmly on Australia,” Cameron said.

In other GPT news, Brendan Crotty has been appointed to its board as a director.

Crotty is highly experienced in the Australian real estate market, having been CEO and MD of Australand for 17 years, prior to his retirement in June 2007.

Dr Ken Moss, chairman of the GPT Group said he was pleased the group had been able to attract such a highly experienced and well qualified director.

Moss has indicated that he will not stand for re- election at the the company's AGM, with deputy chairman Robert Ferguson, to be appointed in his place. Ferguson has been deputy chairman since February 2009.

"I have appreciated my time with GPT and believe the addition of new directors over the past year and the transition to my appointed successor, Rob Ferguson, positions the Board well to takeGPT into the future.

"In the meantime, I look forward to working with Mr Crotty and my fellow directors as we seek to add value for investors,” Moss said.