CHARTER HALL GROUP — Capital/Financing Update 2008

Oct 22, 2008

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CHARTER HALL APPOINTS BUILT TO REVITALISE OFFICE BUILDING IN BRISBANE’S GOLDEN TRIANGLE

Thursday, 23 October 2008

Charter Hall is pleased to announce the appointment of Built as the building contractor to redevelop 40 Creek Street in Brisbane’s ‘Golden Triangle’.

Acquired by Charter Hall’s Opportunity Fund No.5 (CHOF5) in June 2008, 40 Creek Street will offer approximately 12,000m[2] , of refurbished commercial office space across 17 levels, with retail on the ground floor and car parking for 70 cars. The redevelopment of 40 Creek Street will embrace Charter Hall’s ESG policies and target a minimum 4 Star NABERS Energy rating for the building.

40 Creek Street will provide the Brisbane business community with a highly specified and affordable opportunity to place their business in the heart of Brisbane’s core CBD.

Charter Hall’s Joint Managing Director, David Southon said: “Charter Hall has a strong track record in delivering high quality refurbishments including the recent completion of Northbank Plaza in Brisbane’s CBD. The acquisition of 40 Creek Street further demonstrates Charter Hall’s ability to identify and secure opportunities to refurbish, reposition and re-lease well located properties, delivering superior returns to its investors”.

Adding further “Given Built’s experience and reputation in refurbishing commercial office projects, we believe they will be key to providing a superior product”.

Built has completed the major repositioning of a number of CBD commercial buildings including 77 King in the Sydney CBD, home to the flagship Apple store, and recently finished works on the Riverside Centre Promenade dining and entertainment precinct.

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Built Director, Brett Mason said: “We're very much looking forward to working with Charter Hall on this exciting project and delivering a new lease of life to their investment”.

Charter Hall’s Leasing Director, Emil Joubert said: “40 Creek Street will attract tenants who are potentially already located in the Golden Triangle, and require high quality business premises”.

Adding further: “Tenants in Brisbane, like every other Australian capital, are looking for well located accommodation options that offer good value, both in terms of economics and efficiency. The combination of well specified services, flexible floor plates of 643m[2] , quality finishes and immediate proximity to the Brisbane core at lower relative occupancy costs, represents excellent value within the Golden Triangle”.

Mr Joubert will co-ordinate the leasing of 40 Creek Street together with appointed leasing agents DTZ and CB Richard Ellis.

The debt finance for this project is being provided by Westpac Banking Corporation and was finalised last week. This is the second project in CHOF5 for which Westpac has recently provided the senior debt finance, reinforcing the strong relationship that Charter Hall has across the full range of its managed unlisted funds with a number of financiers, which also include NAB, CBA, St George, HBOS, ING and AXA.

Construction works on 40 Creek Street will commence in this month with completion scheduled by mid 2009.

ENDS

For more information contact Charter Hall Group:

David SouthonJoint Managing Director+61 2 8908 4025davids@charterhall.com.au	Jo StilesMarketing & Communications Manager+61 2 8908 4026jos@charterhall.com.au

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About the Charter Hall Group:

Charter Hall Group is a property funds management and development company, based in Sydney with offices in Melbourne, Brisbane, Perth, Adelaide 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 of $3.9 billion. The Charter Hall Group has achieved a solid track record across its activities demonstrating a 13 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 and motivated management team with diverse expertise across property sectors and risk-return profiles.

Charter Hall Limited

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