CHARTER HALL GROUP — Capital/Financing Update 2007

Nov 12, 2007

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CHARTER HALL ACQUIRES INTERNATIONAL DISTRIBUTION CENTRE IN VIC FOR $29.25 MILLION

Tuesday, 13 November 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 Fastline International Distribution Facility in Derrimut, Melbourne for $29.25 million. This acquisition clearly demonstrates the value that can be derived for both the vendor and the purchaser by avoiding uncertain outcomes often experienced with open market campaigns.

The property was purchased on a market yield of 6.77% with a 20 year lease to Fastline, subject to fixed 3.5% annual increases. The facility also provides the ability to further subdivide the building into two tenancies with services already in place, thus enabling the potential for higher reversionary rental.

Strategically located on the south west corner of Fitzgerald Road and Fulton Drive, Derrimut one of Melbourne’s core logistics precincts, the property is positioned within the well regarded Gilbertson’s Industrial Estate approximately 800m from the Western Ring Road on/off ramps, providing excellent access to the port, airport and CBD. The facility comprises a modern high clearance warehouse and distribution centre with a combined gross building area of 30,778m[2] excluding the extensive hardstand area. The property provides ample car parking for 131 cars and has three street frontages.

The precinct’s values are expected to benefit from the completion of the Deer Park Bypass which is anticipated in 2009. The new infrastructure will provide a further link to the Western Freeway Ring Road, which will enhance travel time critical to logistics operations.

David Harrison, Charter Hall’s Joint Managing Director said: “The acquisition further demonstrates Charter Hall’s confidence in Melbourne’s Industrial rental growth prospects off a relative low base compared with other capital city markets.”

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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This latest acquisition is the second core plus industrial acquisition for CPIF in Victoria and brings the Fund’s assets to 9, with a total portfolio value of approximately $303 million.

Paul Ford, CPIF Fund Manager said: “This acquisition continues to support the funds strategy to focus on core locations, highly generic and efficient buildings, whilst increasing the funds exposure to the nation’s largest and growing industrial market. Paul Ford also commented that CPIF is likely to focus on enhanced opportunities in the short to medium term having now established a solid core base from which to leverage.

The transaction was negotiated by David Norman from Savills.

ENDS

For more information contact Charter Hall Group:

David Harrison Paul Ford Joint Managing Director CPIF Fund Manager +61 2 8908 4033 + 61 2 8908 4077 davidh@charterhall.com.au paulf@charterhall.com.au

Jo Stiles Marketing & Communications Manager + 61 2 8908 4026 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 $2.8 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