CHARTER HALL GROUP — Capital/Financing Update 2007

Dec 10, 2007

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CHARTER HALL’S CORE PLUS INDUSTRIAL FUND MAKES STRATEGIC BRISBANE ACQUISITION FOR $21.2 MILLION

Tuesday, 11 December 2007

Charter Hall, one of Australia’s leading property fund managers and property developers, announces that its Core Plus Industrial Fund (CPIF) has acquired off market the Citiport Industrial Estate in Meeandah, Brisbane for $21.2 million.

The acquisition is CPIF’s 10th asset bringing its total portfolio value to approximately $325 million with a strong WALE of 12.75 years and further capacity to grow the Fund to $700 million.

Citiport Industrial Estate is located 9 kilometres north-east of the Brisbane CBD and is adjacent to Brisbane Airport in the heart of the Australia TradeCoast precinct. South-east Queensland is Australia’s fastest growing region with Brisbane alone having an average annual growth in population of 2.2% over the past 5 years. Projections by the ABS indicate that Queensland by 2031, will overtake Victoria as the second largest state, with the population expected to rise to 6.5 million. It is expected the proposed infrastructure upgrades and the forecasted population increase will underpin growth rates in both land values and rents.

The Australia TradeCoast precinct is soon to benefit from the largest road and bridge infrastructure project in Queensland’s history. The Gateway Upgrade Project is expected to be completed in mid 2011. The upgrade will further improve the location’s access to both north and south transport routes by providing two immediate access points to the Gateway Motorway.

Citiport Industrial Estate is a strategically located corner site offering significant exposure to Sugarmill Road and Kingsford Smith Drive. The Estate comprises seven office/warehouse units totalling 14,257m[2] ranging in size from 347m² to 4,561m² with a low site coverage of approximately 45%. It has a total area of 3.1685 hectares with the potential to be subdivided into individual land and building sites. In addition, there is additional scope to further increase GLA.

Charter Hall Limited ABN 57 113 531 150 Charter Hall Funds Management Limited ABN 31 082 991 786 Sydney Brisbane Perth Auckland

Level 11 | 333 George Street | SYDNEY | NSW 2000 GPO Box 2704 | SYDNEY NSW 2001 Ph: +61 2 8908 4000 | Fax: +61 2 8908 4040 www.charterhall.com.au

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The Estate is 100% occupied with a staggered lease expiry profile and includes quality tenants such as Mayvik, Brisbane Council, BP Australia, Glen Cameron Group and Enerflex.

David Harrison, Charter Hall’s Joint Managing Director said: “The Meeandah acquisition reflects our confidence in the Brisbane industrial market and further diversifies the portfolio with rental reversion opportunities to be exploited in coming years with current passing rentals approximately 20% below market”.

Paul Ford, CPIF’s Fund Manager said: “The acquisition is likely to provide opportunities to increase GLA and/or sell down buildings over time to the strong owner occupier market providing enhanced returns for investors”.

The transaction was negotiated by Peter Turnbull and Greg Russell of Knight Frank in Brisbane.

ENDS

For more information contact Charter Hall Group:

David Harrison Paul Ford Jo Stiles Joint Managing Director CPIF Fund Manager Marketing & Communications Manager +61 2 8908 4033 + 61 2 8908 4077 + 61 2 8908 4026 davidh@charterhall.com.au paulf@charterhall.com.au jos@charterhall.com.au

About the Charter Hall Group:

Charter Hall Group is a property funds management and development company, based in Sydney with offices in Brisbane, Perth and Auckland. Established in 1991 and listed on the ASX in 2005 as a stapled security under the code CHC, Charter Hall Group combines Charter Hall Limited with Charter Hall Property Trust. The Group currently has funds under management in excess of $3 billion and a market cap of over $1.3 billion. The Charter Hall Group has achieved a solid track record across its activities demonstrating a 10 year history of managing wholesale capital, making it one of Australia’s leading property fund managers. Charter Hall’s success has been underpinned by a highly skilled, incentivised and motivated management team with diverse expertise across property sectors and risk-return profiles.

Charter Hall Limited

ABN 57 113 531 150

Level 11 | 333 George Street | SYDNEY NSW 2000 GPO Box 2704 | SYDNEY NSW 2001 Ph: +61 2 8908 4000 | Fax: +61 2 8908 4040 www.charterhall.com.au

Charter Hall Funds Management Limited ABN 31 082 991 786 Sydney Brisbane Perth Auckland