While nothing specific has been earmarked for the cash, GPT has indicated it will focus on new developments in the coming year.

The group is developing a $230 million office tower at 32 Smith Street, Parramatta in Sydney and will look to increase the height of its Melbourne Central mall.

GPT's placement will be in two tranches - $US160 million of 12-year notes and $US165 million of 15-year notes.

The group's chief financial officer, Anastasia Clarke, said the pricing represented an average margin of 189 basis points over the bank bill swap rate (BBSW) once swapped back into Australian dollars.

The proceeds will initially be used to repay borrowings under the group's revolving bank facilities.

"The issuance enhances liquidity, diversifies GPT's sources of capital and extends the group's weighted average debt maturity profile to about 6.9 years," Ms Clarke said.

"We are very pleased with the support we have received from US investors, with the initial target offering of $US150 million being increased to $US325 million to meet additional demand."

GPT's raising follows those of Goodman Group, which has tapped into the cheaper US and European debt markets with an $US850 million and a ???500 million issue.

Goodman priced the issue of two tranches of notes in the US market - $US525 million, 10.5-year notes at a spread of 1.50 per cent over US Treasuries, equating to a fixed coupon rate of 3.7 per cent, and a $US325 million, 20-year notes at a spread of 1.70 per cent over US Treasuries, equating to a fixed coupon rate of 4.5 per cent.

The two tranches, with a weighted average term of 14.2 years, have an expected settlement date of September 27. The eight-year euro issue was priced at a spread of 78 basis point over the mid-swap rate, equating to an annual fixed interest rate of 1.4 per cent.

The real estate investment trust sector, while shoring up its debt profile, is also in the thick of a share buyback frenzy.

Vicinity, Investa Office and Charter Hall Retail REIT are among the trusts undertaking buybacks.

According to Macquarie Equites, excess balance sheet capacity will continue to be used for buying back stock across the sector. Given continued net tangible asset growth, a number of REITs have used on-market buybacks as a deployment option.

Citi says the recent fall in REIT share prices means that earnings yields have risen, increasing the potential for earnings per security accretion from a share buyback.

"More importantly, in our view, many REITs are now trading below fair value - so buying shares at current levels should be value accretive," Citi analysts said.

"As a general comment, buying back shares well into a multi-year bull market would not normally be a strategy we would recommend. With that said, some of our stocks are trading well below our base case valuations, which essentially reflect current market conditions, and are close to our 'normalised' valuations, which reflect capitalisation rates and interest rates closer to historical levels.

"This means that market pricing provides a sizeable buffer for any future move in underlying value."

Vicinity, which was the first REIT to undertake a buyback, has announced that about 25 million units have been cancelled since the start of the group's buyback on August 17.

This represents about 0.6 per cent of the units on issue prior to the announcement of the buyback of up to 5 per cent of its existing units on issue.