Austraila's Stockland to maintain its GPT stake

SYDNEY, May 8 (Reuters) - Australian property firm Stockland Group (SGP.AX) will maintain its holding in GPT Group (GPT.AX) after GPT announced a one-for-one rights offer on Thursday, Stockland said in a statement on Friday. [ID:nSYD424180].

Stockland owns a 12.7 stake in GPT Group.

Stockland will enter into off balance sheet equity derivatives to maintain its economic exposure, the company said, adding that it would continue to have about A$700 million ($519 million) in undrawn committed debt facilities as at June 30, 2009. ($1=A$1.36) (Reporting by Denny Thomas)