GPT mulls advisers for tilt GPT Group has been tipped as a potential rival to secure control of Commonwealth Bank's $2.7 billion Commonwealth Property Office Fund, but the big question is what group it will choose as advisers. GPT used Merrill Lynch when it launched a hostile $2.94bn takeover bid for the industrial and office property arm of Australand last year, but the deal never went ahead after the diversified developer said its offer was too low and GPT refused to pay a higher price. While it was still working with Merrill informally, there's talk in the market that Macquarie might work with GPT. Most of the big banks around town are already working on the Commonwealth Bank's property interests in some form, and Merrill Lynch or Macquarie appear to be about the only two options for GPT. After the Commonwealth Bank decided to weigh up a move to distance itself from running property operations, it appointed Goldman Sachs. Its subsidiary that runs the trusts, Colonial First State Global Asset Management, appointed UBS, and Dexus has banks Deutsche, Citigroup and JPMorgan advising it on whether it should make a tilt for the bank's Commonwealth Property Office Fund. Lazard is working with the Mirvac Group. The Gandel Group, which has a major stake in the bank's other listed Australian trust, CFS Retail Property Trust, has hired Macquarie. However, Macquarie could also take an advisory role for GPT, given that its only interest is in the bank's listed office landlord. With Dexus in the front seat to buy the Commonwealth Property Office Fund or secure its management rights, given that it has a 15 per cent interest, most of the banks have no play in motion and all have a watching brief. Meanwhile, a block trade of Capitaland's 59 per cent stake in Australand could be back on the agenda, given a share price rally of the company in recent weeks. Shares have climbed by almost 20c to about $3.60 -- only 10c off its peak around April.