Australia's GDI Property Group Ltd. was seeking to raise AUD310 million (USD292 million) in an initial public offering. The deal would give the real estate manager a valuation of AUD567.6 million. 

In a report by the Wall Street Journal (WSJ), the report said Swiss multinational Credit Suisse Group AG had began its bookbuilding duties for GDI early Wednesday. Credit Suisse Group offered 310 million in stapled securities at AUD1.00 each share. The remaining AUD257.6 million was allocated to seed investors and GDI's management, the report said. 

WSJ said the proceeds from the public float will be used to fund the purchase of an office tower in Brisbane, repay debt and provide working capital.

GDI's offering was expected to be Australia's biggest real estate IPO of 2013. GDI will go public in the wake of Pacific Retail REIT and Centuria Property Trust's failed attempts at listing earlier this year, the report said. According to WSJ, GDI would also trump Hotel Property Investments REIT, which is currently raising AUD280 million ahead of its listing in December 10. 

GDI will start trading in December 17, WSJ said.