DB RREEF

Managed in partnership with Deutsche Bank Z

DB RREEF Funds Management Limited ABN 24 060 920 783 Australian Financial Services Licence Holder

Level 9 343 George Street Sydney NSW 2000

PO Box R1822 Royal Exchange NSW 1225

Telephone 61 2 9017 1100 Direct 61 2 9017 1136 Facsimile 61 2 9017 1132

Dear Sir / Madam

DB RREEF Trust (ASX: DRT) Initial European Acquisition

DB RREEF Funds Management Limited, as responsible entity for DB RREEF Trust (DRT), provides the following media release and presentation in relation to the acquisition of an industrial portfolio located in France.

For further information, please contact

	• Media inquiries:	Victor Hoog Antink	(02) 9017 1130
	• Institutional Investors:	Tony Dixon	(02) 9017 1136
$\bullet$	Retail Investors:	Karol O'Reilly	(03) 8611 2930

Yours sincerely

Tanya Cox Company Secretary

15 June 2006

The Manager Australian Stock Exchange Limited 20 Bridge Street Sydney NSW 2000

media relense

15 June 2006

DB RREEF Trust (ASX:DRT) Initial European Acquisition

DB RREEF Funds Management Limited (DRFM), as responsible entity of DB RREEF Trust (DRT), announced today the acquisition of a portfolio of industrial properties located in France.

The portfolio will be acquired for a total consideration of $\epsilon$ 70.9 million, including acquisition costs (\$A119.6) million) at a yield of approximately 6.9%, and consists of 6 assets, fully leased, totalling approximately 110,000 $m^2$ . Five of the assets are located in the Paris Region, while the sixth asset is located in Lyon, a major logistics warehouse market in France.

Victor Hoog Antink, CEO of DRFM, said "This acquisition is the first investment by DRT in Europe, and is a continuation of its international investment strategy".

The portfolio is leased to seven tenants, with an average lease term to expiry of 6.8 years by income. Major tenants include international groups such as Coca-Cola, CAE and ID Logistics. All leases are subject to annual increases indexed to the French Cost of Construction Index.

DRT's international holdings will increase to \$A1.4 billion, representing approximately 20% of the DRT portfolio by value. DRT's overall occupancy level will be maintained at 94.6%, while the group's weighted average lease term will be 4.6 years, based on DRT's December 2005 accounts.

The assets were the subject of a competitive bid, sourced for DRT by RREEF, the real estate investment management subsidiary of Deutsche Bank, in Europe. RREEF will also provide asset management services in relation to the portfolio.

Mr Hoog Antink also said "The transaction highlights the capabilities of the RREEF global platform, and the importance of DRFM's ongoing relationship with RREEF".

The transaction will be fully debt funded, increasing DRT's gearing marginally from 41.0% to 41.9%.

Contact details

For further information, please contact:

Media	Victor Hoog Antink	61 2 9017 1130
Institutional investors	Tony Dixon	61 2 9017 1136
Retail Investors	Karol O'Reilly	61 3 8611 2930

DB RREEF Trust

Variation (1989)

Mine Aliko

11 III

DB RREEF Funds Management Limited ABN 24 060 920 783 As Responsible Entity

Presented by Victor Hoog Antink CEO, DB RREEF Funds Management Limited 15 June 2006

Agenda

1. Transaction overview
1. DRT portfolio
1. Portfolio overview
1. Transaction costs

Appendix 1 - Property statistics Appendix 2 - RREEF Important information

Isle d'Abeau, Lyon

1. Transaction overview

Initial European acquisition $\mathcal{G}$
Acquisition of a French logistics portfolio 110,000sqm $\mathcal{G}$
Six assets located in Paris and Lyon $\mathcal{G}$
Acquired for $\epsilon$ 70.9m (A\$119.6m¹), including acquisition costs $\mathcal{G}$
100% leased, average lease term 6.8 years by income $\mathcal{G}$
Initial yield 6.9% based on total costs $\mathcal{G}$
Debt funded, increasing gearing from 41.0% to 41.9 % $\mathcal{G}$
Settlement, subject to normal conditions precedent, expected by early $\mathcal{G}$ August 2006
Sourced for DRT by RREEF platform $\mathcal{U}_\mathcal{A}$

¹ Euro = AUD1.69

Page: 3

2. DRT portfolio

Asset diversification

The Mill in the Constitution of the Constitution	2250312		San Cinematika ( MUMBER SE SARA SANA	Maximi
Commercial	3.4	47%	97.5	6.6
Aus Industrial	1.4	-20%	98.5	4.9
Retail	0.9	12%	99.4	5.6
$US$ Industrial ¹	1.3	19%	91.2	3.3
Euro Industrial	0.1	2%	100.0	6.8
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Total	7.1	100%	94 G	46

1 represents 80% ownership of US industrial portfolio $\frac{2}{3}$ by area, including Heads of Agreement $\frac{3}{3}$ by income, including Heads of Agreement

Page: 4

3. Portfolio overview

EXECUTE: Five assets located in Paris (Ile-de-France):
* 83,000 sqm (76% of portfolio)
* Located to the South and West of Paris close to 'outer-ring' motorway and key arterial road junctions
EXECUTE: Tenants include ID Logistics (32%), CAE (19%), Coca-Cola (15%), Auchan (10%)
* One asset located in Lyon
* 27,000 sqm (24% of portfolio)
* South west of France (near border with Italy), population circa 450,000
EXECUTE: Tenants include Norma (12%) and Auxine Logistic (12%)
All leases indexed to French Cost of Construction index 錅
* Valuer's projected growth rate 2.25%

Page: 5

3. Portfolio overview - location of assets

Paris region

DB RREEF

3. Portfolio overview - asset statistics

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Epone	11,061	48	653	7.2
Villejust	16,261	42	595	9.7
Longjumeau	19,970	48	648	12.9
Servon 1	26,926	50	686	18.5
Servon ₂	8,482	52	761	6.5
Isle d'Abeau	27,350	37	477	13.0
	110,050	45	616	67.8

_______________________________________

Page: 7

3. Portfolio overview - tenants

Tenant contribution to annual rent

8333333	761439
ID Logistics	D&B: Medium risk
CAE	D&B: Very low risk
Coca-Cola	S&P: A+
Auchan France	S&P A
Auxine Logistics	D&B: Medium risk
Norma	D&B: Low risk
DHL	N7A
D&B: Dun & Bradstreet
S&P: Standard & Poors

S&P rating shown unless unavailable

Managed in partnership with Deutsche Bank $\boxdot$

4. Transaction costs

E TANGUNG TANGUNG TA
Properties		67.3
Acquisition costs		3.6
French transfer taxes (including structure)	2.1
Acquisition fee (RREEF)	0.8
Other professional fees, including legal, tax and technical due diligence	0.7
Total purchase price		70.9

Page: 9

Appendix 1 - Property statistics

Isle d'Abeau, Lyon

Epone, Ile-de-France

Key Property Statistics

Year built/refurbished		1981/2004
Valuation $(\epsilon m)$		7.2
Valuation (€m/sqm)		653
Total NLA (sqm)		11,061
Site area (sqm)		25,000
Site coverage $(\%)$		44%
Office component		2%
Number of buildings
Net passing rent ( $\epsilon$ /sqm)		48
Tenants	Area (sqm)	Remaining lease term
Auchan	11,061	6.7 years
Total	100%	6.7 years

Villejust, Ile-de-France

Key Property Statistics

Year built/refurbished		1977/2004
Valuation (€m)		9.7
Valuation ( $\epsilon$ m/sqm)		595
Total NLA (sqm)		16,261
Site area (sqm)		32,790
Site coverage $(\%)$		50%
Office component		7%
Number of buildings
Net passing rent ( $\epsilon$ /sqm)		47
Tenants	Area (sqm)	Remaining lease term
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, Coca-Cola	16,261	,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,, $6.0$ years
Total	100%	6.0 years

DB RREEF

Longjumeau, Ile-de-France

Key Property Statistics

Year built/refurbished		1967/2005
Valuation $(\epsilon m)$		12.9
Valuation (€m/sqm)		648
Total NLA (sqm)		19,970
Site area (sqm)		45,553
Site coverage (%)		44%
Office component		7%
Number of buildings
Net passing rent ( $\epsilon$ /sqm)		48
Tenants	Area (sqm)	Remaining lease term
CΔF	19,970	6.1 years
Total	100%	6.1 years

DB RREEF

Servon 1, Ile-de-France

Key Property Statistics

Year built/refurbished		1972/2004
Valuation (€m)		18.5
Valuation ( $\epsilon$ m/sqm)		686
Total NLA (sqm)		26,926
Site area (sqm)		55,053
Site coverage $(\%)$		49%
Office component		3%
Number of buildings
Net passing rent $(\epsilon/sq)$		50
Tenants	Area (sqm)	Remaining lease term
ID Logistics	26,926	7.7 years
Total ,,,,,,,,,,,,,,,,,,,,,,,,,,,, ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	100%	7.7 vears

Servon 2, Ile-de-France

Key Property Statistics

Total ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	100%	5.4 years
ID Logistics	8,482	5.4 years
Tenants ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,	Area (sqm)	Remaining lease term ,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Net passing rent ( $\epsilon$ /sqm)		57
Number of buildings
Office component		1%
Site coverage $(\%)$		58%
Site area (sqm)		14,611
Total NLA (sqm)		8,482
Valuation (€m/sqm)		761
Valuation $(\epsilon m)$		6.5
Year built/refurbished		2003

DB RREEF

Isle d'Abeau, Lyon

Key Property Statistics

Intal	99%	7.3 years
Norma	13,671	8.0 years
Auxine Logistics	13,554	6.6 years
Main tenants	Area (sqm)	Remaining lease term
Net passing rent ( $\epsilon$ /sqm)		77
Number of buildings
Office component		9%
Site coverage $(\%)$		45%
Site area (sqm)		61,300
Total NLA (sqm)		27,350
Valuation (€m/sqm)		477
Valuation $(\epsilon m)$		13.0
Year built/refurbished		1975/2004

Appendix 2 - RREEF Global Platform

RREFF has Global Assets under ▓▓ management of $\epsilon$ 53.1 Billion
Ranked as the Largest Real Estate & ▓ Infrastructure Investment Managers Globally by EuroProperty/INREV, May, 2006.
Providing comprehensive property ▓ services including due diligence, contract negotiation, asset, property and development management
In excess of 2,000 staff in 19 locations ▓▓ worldwide
Over 80 transactions completed in ▓ Europe

Page: 17

*as of March 31, 2006

Managed in partnership with Deutsche Bank $\boxtimes$

Important Information

This presentation is issued by DB RREEF Funds Management Limited (DRFM) in its capacity as responsible entity of DRT. It is not an offer of securities for subscription or sale and is not financial product advice.

Information in this presentation including, without limitation, any forward looking statements or opinions (the Information) may be subject to change without notice. To the extent permitted by law, DRFM, DRT, the Deutsche Bank AG Group and their officers, employees and advisers do not make any representation or warranty, express or implied, as to the currency, accuracy, reliability or completeness of the Information and disclaim all responsibility and liability for it (including, without limitation, liability for negligence). Actual results may differ materially from those predicted or implied by any forward looking statements for a range of reasons outside the control of the relevant parties.

The information contained in this presentation should not be considered to be comprehensive or to comprise all the information which a DRT security holder or potential investor may require in order to determine whether to deal in DRT stapled securities. This presentation does not take into account the financial situation, investment objectives and particular needs of any particular person.

The repayment and performance of an investment in DRT is not guaranteed by DRFM or Deutsche Bank AG ABN 13064 165 162, any of its related bodies corporate or any other person or organisation. An investment is not a deposit with or any other type of liability of Deutsche Bank AG or any other member of the Deutsche Bank AG Group, and the capital value and performance of an investment is not in any way guaranteed by the Bank or any other member of the Deutsche Bank AG Group.

This investment is subject to investment risk, including possible delays in repayment and loss of income and principal invested.

DB RREEF

Page: 18

AI assistant

DEXUS Capital/Financing Update 2006

64807_rns_2006-06-14_02b97284-df0d-4783-b098-a2ff50eb633c.pdf