On 31 July 2009, GPT announced its exit of the European component of its Joint Venture with Babcock & Brown by way of a dividend in specie of shares in BGP Holdings. The European component represents 80% of the Joint Venture which means the vast majority of the JV will no longer be part of GPT.

All investors who held GPT securities on the Record Date (7.00pm AEST 12 August 2009) received one security in BGP Holdings (the entity effectively holding the European Joint Venture assets) for every GPT security they hold.