BWP GROUP — Capital/Financing Update 2005

Apr 20, 2005

Valad Property Group

21 April 2005

VALAD ACQUIRES 3 PROPERTIES FROM BUNNINGS

Valad Property Group (ASX Code: VPG) announces the purchase of three Bunnings Warehouses.

Bunnings Warehouses at Oxley (QLD) and Moonah (TAS) have been purchased with a 10 year leaseback to Bunnings Pty Ltd with settlement in 14 days. Coffs Harbour, which is surplus to Bunnings' needs, has been purchased as vacant possession with settlement on 31 August 2005 and will require re-leasing.

Oxley includes a call option over a further 1.94 ha of vacant land adjoining the property offering potential for further development upside.

About the properties

All three properties front high profile arterial roads, offer excellent exposure to passing traffic, offer multi-directional access, and are situated in well defined and targeted trade catchments. Details of each property are over:

Herman Hill

Valad Property Group

Bunnings Warehouse Oxley, QLD	10 year leaseback to Bunnings Pty Limited. 10,772m 2 GLA, site area of 3.05 ha and on grade parking for 290 cars. Acquired for \$14.7 million with passing yield of 7.5% pa net. ٠ Market Reviews every 5 years and are capped at 10%. ۰ Lease contains a call option at the end of the initial term in favour of Bunnings which allows Bunnings to buyback the properties at market value Situated on the Ipswich Motorway approximately. ٠ 14 kilometres to the west of the Brisbane CBD. Surrounding businesses include Good Guys, Harvey Norman and Super A Mart. Option over a further 1.94 ha of vacant land adjoining the property offering ٠ potential for further development upside.
Bunnings Warehouse Moonah, TAS	10 year leaseback to Bunnings Pty Limited. ٠ 7,661m 2 GLA, site area of 1.63 ha and on grade parking for 191 cars. ٠ Acquired for \$8.0 million with passing yield of 7.7% pa net. Market Reviews every 5 years and are capped at 10%. Lease contains a call option at the end of the initial term in favour of Bunnings ٠ which allows Bunnings to buyback the properties at market value. Situated approximately 5 kilometres to the north of the Hobart CBD. Other ٠ nearby bulky retail occupants include Bob Jane, Autobarn, Super Cheap Auto, Fantastic Furniture and Reece Plumbing Supplies.
Bunnings Warehouse Coffs Harbour, NSW	Acquired on vacant possession basis for releasing. Purchase completes on 31 August 2005. 8,869m 2 GLA, site area of 1.69 ha and on grade parking for 182 cars. Acquired for \$5.6 million. Situated immediately to the north of the Coffs Harbour town centre, adjacent to the Homebase Bulky Retail Centre.

Contact: Investors / Analysts

Guy Farrands Head of Corporate Development Valad Property Group 61 2 8257 6607 Tel: Fax: 0416 198 371