Sydney based GPT Halverton has been appointed as investment and asset manager for the European real estate portfolio of BGP Holdings.

The instruction takes GPT Halverton’s assets under management to more than €3 bn.

As part of the asset management and investment strategy it plans to ‘pursue

an orderly divestment’ of the portfolio over the next three years.

The BGP portfolio comprises approximately 29,000 residential apartments in Germany and over 35 retail assets located in Germany and Spain. GPT Halverton’s existing mandates include managing over 300 multi-let industrial, neighbourhood retail and office assets across Europe on behalf of large institutional investors.

GPT Group said today that it will begin to review options in relation to the GPT Halverton platform given its intention to focus on its core Australian portfolio.

It said options could include a sale in the near-to-medium term to a ‘more natural owner’ of the fund manager to fit in with GPT Halverton’s investors and it future plans for the business.

Richard James, chief financial officer at GPT Halverton said: ‘The senior management team of GPT Halverton welcomes the opportunity to create clarity around the future of the business as we look towards 2010 and beyond.