DEXUS — Regulatory Filings 2004

Oct 20, 2004

FACSIMILE

Deutsche Bank

Тo	Company Secretary DB RREEF Trust (stapling of DB RREEF Diversified Trust, DB RREEF Office Trust, DB RREEF Industrial Trust and DB RREEF Operations Trust) c/- DB RREEF Funds Management Limited	Deutsche Bank AG ABN 13 064 165 162 GPO Box 7033 Sydney NSW 1170 Level 18, 225 George Street Sydney NSW 2000 Australia Tel: 02 9258 1234 Fax: 02 9258 2223 Direct: 02 9258 2674
Fax No	$(02)$ 9249 9982
CC.	Company Announcements Office Australian Stock Exchange (via ASX Online or fax 1900 999 279)
From	Donata Lumnitzer
Date	21 October 2004
Subject	Substantial Shareholding Notice
Total Pages i	5 (including this page)

If you do not receive all the pages, please telephone immediately.

This facsimile is intended only for the individual or entity named above and may contain information that is confidential and privileged. If you are not the intended recipient you must not use, distribute or copy this facsimile. If you have received this facsimile in error, please notify us immediately by telephone and destroy the original. Thank you.

Attached is a copy of the Substantial Shareholder Notice we lodged today with the NZX. The originals were posted to you today.

Donata Lumnitzer Compliance Analyst

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w:\compapps\workprs\notides\fax cover-donata.doc

	Form 603 Corporations Law Section 671B.
	Notice of initial substantial holder
To:	DB RREEF Trust (stapling of DB RREEF Diversified Trust, DB RREEF Office Trust, DB RREEF Industrial Trust and DB RREEF Operations Trust) c/- DB RREEF Funds Management Limited Level 21, 83 Clarence Street Sydney NSW 2000
ARSN	089 324 541, 090 768 531, 090 879 137, 110 521 223
To:	Australian Stock Exchange Limited
1. Details of substantial shareholder

Name and ABN

Deutsche Bank AG (ABN 13 064 165 162) and its related bodies corporate (together, the "Deutsche Bank Group" became a substantial shareholder on 19 October 2004.

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2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate had a relevant interest in on the date of the substantial holder became a substantial holder are as follows:

Class of securities	Number of securities		Votina power
-------	-------	Person's votes
Stapled Securities	190		ハロ % ZU.VU

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest	Class and number of securities (stapled securities unless stated)
Deutsche Asset Management (Australia) Limited and each of its holding companies in the Deutsche Bank Group.	In its capacity as investment manager. Exercise of voting and disposal powers is subject to any client directions.	518,052,677
	Each holding company of Deutsche Asset Management (Australia) Limited, including Deutsche Bank, is deemed to have the same relevant interest.
Deutsche Investment Management Americas Inc or other foreign member of the	In its capacity as investment manager, stockbroker or in various other related capacities.	18.513
group and each of their holding companies in the Deutsche Bank Group.	Each holding company of the relevant foreign member of the Deutsche Bank Group, including Deutsche Bank, is deemed to have the same relevant interest.

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant	Registered holder of	Person entitled to be registered as	Class and number
interest	securities	holder	of securities
			(stapled securities unless stated)
Deutsche Asset	Citicorp Nominees Pty	Colonial First State Investments	14,722,792
Management (Australia)	Limited	Limited as Responsible Entity for the
Limited and each of its		Commonwealth Property Fund 1
holding companies in
the Deutsche Bank
Group.	Citicorp Nominees Pty	Colonial First State Investments
	Limited	Limited as Responsible Entity for the	4,897,594
		Commonwealth Property Fund 6
	JP Morgan Custodial	Coalsuper Pty Limited as trustee for	4,927,973
	Services Pty Ltd	the COALSUPER Retirement Income
		Fund
	JP Morgan Custodial	FSS Trustee Corporation, as trustee of	7,533,642
	Services Pty Ltd	certain superannuation schemes under the Superannuation Administration Act
	JP Morgan Custodial	SAS Trustee Corporation, as trustee of	418,440,701
	Services Pty Ltd	certain superannuation schemes under
		the Superannuation Administration Act
	JP Morgan Nominees	EIF Pty Ltd as trustee for the Energy	398,945
	Australia Limited	Investment Fund
	JP Morgan Nominees Australia Limited	InTech Fiduciaries Limited as Responsible Entity of the InTech	3,437,686
		Australian Shares Aggressive Trust
	JP Morgan Nominees	LGSS Pty Limited and LIF Pty Limited	1,558,637
	Australia Limited	as Trustees of the Local Government
		Superannuation Scheme and Local
		Investment Fund respectively
	JP Morgan Nominees Australia Limited	Zurich Investment Management Limited as Responsible Entity for ZIM	24,709,068
		Unit Trusts
	National Australia Bank	Government Employees	3,794,464
	Limited	Superannuation Board as trustee for
		the Government Employees
	National Nominees	Superannuation Fund of WA Questor Financial Services Ltd as
	Limited	responsible entity for the Property	7,101,283
		Securities Value Fund
	Westpac Custodian	Deutsche Asset Management	85,600
	Nominees Ltd	(Australia) Limited as responsible
		entity for the Deutsche Analyst's Choice Fund
	Westpac Custodian	Deutsche Asset Management	86,091
	Nominees Ltd	(Australia) Limited as responsible
		entity for the Deutsche Core Australian Equities Fund
	Westpac Custodian	Deutsche Asset Management as	732,092
	Nominees Ltd	responsible entity for the Deutsche
		Sentinel Property Securities Fund
	Westpac Custodian	Paladin Australia Limited as	25,626,109
	Nominees Ltd	responsible entity of the Deutsche
		Paladin Property Securities Fund

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Holder of relevant interest	Registered holder of securities	Person entitled to be registered as holder	Class and number of securities (stapled securities unless stated)
Deutsche Investment Management Americas Inc or other foreign. member of the group and each of their holding companies in the Deutsche Bank Group.	filing	Not available at time of $\parallel$ Not available at time of filing	18,513

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Refer to schedule 1.

1. Associates

$N/A$

1. Addresses

The addresses of persons named in this form are:

Address Name Deutsche Bank Group C/- Level 18, 225 George Street, Sydney, New South Wales, 2000.

Signature

Name Paul Packham and the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the control of the c

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Date 21 October 2004

Schedule 1 to Form 603

Group Name				ASX Stock Trade Date Trans Type	Trans.Number	Consideration
DEUTSCHE SECURITIES		DRT ORD	06-Oct-04	В		$-1.33$
DEUTSCHE SECURITIES		DRT ORD	07-Oct-04	в	131,549	$-174.960.17$
DEUTSCHE SECURITIES		DRT ORD	08-Oct-04	В	563,525	-748,988.25
DEUTSCHE SECURITIES		DRT ORD	08-Oct-04	в		$-1.33$
DEUTSCHE SECURITIES		DRT ORD	$11 - Oct-04$	Β	279	$-368.28$
DEUTSCHE SECURITIES		DRT ORD	12-Oct-04	B	279,975	$-371.779.21$
DEUTSCHE SECURITIES		DRT ORD	13-Oct-04	B	4.011.183	$-5,254,649,73$
DEUTSCHE SECURITIES		DRT ORD	14-Oct-04	B	67.289	$-87,148.59$
DEUTSCHE SECURITIES		DRT ORD	15-Oct-04	B	49,812	$-64.257.48$
DEUTSCHE SECURITIES	DRT ORD		18-Oct-04	B	99,336	$-126, 156.72$
DEUTSCHE SECURITIES	DRT ORD		19-Oct-04	А	415,467	n/a
DEUTSCHE ASSET MANAGEMENT		DRT ORD	19-Oct-04	Α	520,852,677	n/a
DEUTSCHE INVESTMENT MANAGEMENT
AMERICAS INC	DRT ORD		19-Oct-04	А	18,513	n/a

NB: Some transaction are not available at time of filing.

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NB: Transaction type "A" denotes acquisition of relevant interest through the conversion of securities as a result of the merger of DB RREEF Office Trust, DB RREEF Industrial Trust, DB RREEF Diversified Trust and DB RREEF Operations Trust effective 19/10/04.

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