Property trust GPT Group has sold its loss-making British funds manager Halverton for A$3.20 after paying about $100m for the business more than two years ago.

The deal will also involve GPT handing €7m to the buyer, London-based fund manager Internos Real Investors.

That represented working capital, reflecting Halverton loss-making position and funding requirements for the restructuring program, GPT said yesterday.

GPT bought a half-stake in Halverton in 2005 when it entered into a joint venture with the failed investment bank Babcock & Brown as part of its European expansion plans.

The Australian