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SYDNEY-General Property Trust has established its first unlistedproperty fund worth A$2.15 billion (US$1.62 billion) as part of itsstrategy to build a funds management business. It is believed to bethe largest wholesale fundraising in the Australian market.Thefund, GPT Wholesale Office Fund, will initially own office assetsat nine locations in the Sydney, Melbourne, Brisbane and Canberracentral business districts.

GPT chief executive Nic Lyons says the development of a fundsmanagement platform would broaden the group's base of capitalpartners. "The successful launch of GWOF represents a majorstrategic initiative in terms of GPT's creation of a fundsmanagement platform in partnership with leading domestic andinternational wholesale investors," he says. "We anticipatedeveloping further products for our funds management strategy,consistent with our aim to continue to diversify the group's incomestreams."