Property trust GPT Group today said it unwound its A$1.2bn of excess offshore interest rate hedges at a cost of A$152m to simplify its financial position and reduce interest costs.

The hedges were consistent with the policy at GPT to hedge its interest rate exposures but were no longer necessary because of the SYdney-based trust's exit from some foreign markets, it said in a statement.

The end of the hedges will result in GPT's average interest rate being cut by 1.2%, the company said.

The Australian