GPT stakeholder Stockland has taken up GPT's one-for-one rights offer.

Stockland, GPT's second-largest shareholder, will pay almost A$200m to maintain the 12.7% strategic stake it acquired in November.

In what is regarded by some analysts as a roll of the dice by Stockland chief Matthew Quinn, Stockland will pay 35c each for new stapled securities, a big discount to the 47.5c GPT shares last traded at when suspended on Wednesday.

According to analysts, Stockland's decision came down to committing a further $200 million to GPT or allowing its holding to be diluted.

The Australian