GPT Group, the worst-performing Australian property trust this year, is ditching the overseas investments that contributed to about $3.46bn in writedowns announced this year.

The Sydney-based company, which last month exited its European joint-venture with Babcock & Brown International, will sell the offshore investments that made up 20 percent of its assets as at December, it said in a statement to the stock exchange today. After the divestments, it aims to have 100 percent of its real estate investments in Australia.

GPT shares added 3% to 52.5 cents as at 2:30 p.m. in Sydney trading, paring this year’s decline to 34%.