Stockland buys GPT stake; Westfield on prowl

* Stockland buys 12.7 pct of GPT, says no plans now for bid

* Westfield eyeing U.S., UK assets; no comment on GGP Inc

* Westfield keeps distribution forecast

* Stockland off 1.6%, Westfield -0.3%; A-REIT sector up 2.2%

(Adds Stockland chief comments)

By Sonali Paul

MELBOURNE (Reuters) - Property developer Stockland Group (SGP.AX) said it bought a 12.7 percent stake in GPT Group (GPT.AX), dealing itself into any potential takeover bid for its Australian rival, whose shares jumped 37 percent.

Stockland and bigger rival Westfield Group Ltd (WDC.AX), the world's top shopping mall owner by market value, are both cashed up and looking to pick up distressed assets as real estate groups struggle to manage heavy debt burdens taken on in acquisition sprees when property prices were much higher.

"It would be pretty naive to believe there aren't going to be some great acquisition opportunities over the next 12-18 months," said Andrew Parsons, managing director of property funds manager Resolution Capital.

Stockland Managing Director Matthew Quinn told Reuters the group had no current plans to bid for GPT and it was too early to talk about chasing any GPT assets.

"We have no hostile intentions," he said.

Three fund managers said a full takeover in the near term was unlikely as it would be hard to raise the A$4 billion ($2.6 billion) Stockland would need, and because GPT's property values were likely to fall when reviewed at the end of the year.

"I wouldn't see it as a precursor to any type of bid. It's just a seat at the table, similar to FKP," said a portfolio manager, who declined to be named.

Last month, Stockland spent about A$100 million on strategic stakes in two retirement village owners, Aevum Ltd (AVE.AX) and its bigger rival FKP Property (FKP.AX), including first rights on a takeover of FKP's retirement villages.

Its move on Wednesday comes after GPT last month raised A$1 billion ($654 million) in a share sale priced at a massive 48 percent discount to cut debt and ease concerns over its future, and farewelled its chief executive. That financing deal was backed by Government of Singapore Investment Corp's GIC Real Estate.

At the time of the rights issue, GIC Real Estate agreed not to block any future takeover of the company as long as it was supported by a majority of other shareholders.