GOODMAN GROUP — Capital/Financing Update 2005

Aug 8, 2005

ASX Release - Macquarie Goodman Group ("Macquarie Goodman")

Macquarie Goodman in \$120 million deal with Toll

Date: 9 August 2005 Release: Immediate

Macquarie Goodman Group ("Macquarie Goodman") is pleased to announce that Australia's largest transport and logistics company, Toll Holdings Limited ("Toll") has partnered with Macquarie Goodman to acquire, develop and jointly manage in excess of \$120 million of Toll's properties.

The first stage of the deal consists of the acquisition by Macquarie Goodman of five of Toll's properties in Dandenong, Altona and Campbelfield in Victoria, Wingfield in South Australia and Archerfield in Queensland for \$64 million. The portfolio contains 64,394 sqm of gross lettable area and 19.28 hectares of vacant land which provides the opportunity for development over the short term. The portfolio of assets, primarily occupied by Toll, will provide a yield of 8.5% excluding development land and acquisition costs.

Macquarie Goodman's, Chief Executive Officer, Gregory Goodman said, "Toll is a significant customer of Macquarie Goodman in terms of its contribution to our net property income per annum. We are pleased to continue our long standing relationship with Toll and are excited about the opportunity of having Toll as a strategic property partner."

Toll's Group General Manager of Property, Michael Fox confirmed that the second stage of the deal is well advanced and that the parties were working towards agreeing to the precommitment of approximately \$60 million of new facilities.

The acquisition of the initial five assets and the pre-commitment of the new facilities creates a strategic partnership between Macquarie Goodman and Toll over the management and development of Toll properties on a non-exclusive basis.

Michael Fox said "this is a perfect partnership given Macquarie Goodman's track record in providing industrial and business space solutions to its customers and most importantly access to its land holdings and development capabilities in Australia and New Zealand.

Toll have successfully sold and leased back properties in the past and at one stage looked at establishing its own property trust. The partnership with Macquarie Goodman provides an excellent opportunity for Toll to participate in the management and development of its strategic property assets and benefit from Macquarie Goodman's property expertise."

For further information, please contact Macquarie Goodman:

Gregory Goodman

Chief Executive Officer +61 2 9230 7400

David van Aanholt Chief Operating Officer +61 2 9230 7400

Macquarie Goodman Group Macquarie Goodman Management Limited ABN 69 000 123 071 Macquarie Goodman Funds Management Limited ABN 48 067 796 641; AFSL Number 223621

Level 10, 60 Castlereagh Street Sydney NSW 2000 GPO Box 4703 Sydney NSW 2001

Telephone +61 2 9230 7400 Facsimile +61 2 9230 7444 info@macquariegoodman.com.au www.macquariegoodman.com

Macquarie Goodman

Appendix

Toll Portfolio

Property	Lettable	Development	Purchase
	Area (sqm)	Land (hectares)	Price (\$M)
Princess Highway, Dandenong, Victoria	33,421	7.30	28.30
Toll Holdings Drive, Altona, Victoria	16,258	2.78	15.60
National Boulevard, Campbelfield, Victoria	n/a	5.80	4.10
Rosberg Road, Wingfield, South Australia	11,005	n/a	8.70
Kerry Road, Archerfield, Queensland	3.710	3.40	7.25
TOTAL	64,394	19.28	63.95

asx rel ease

Macquarie Goodman Group Macquarie Goodman Management Limited ABN 69 000 123 071 Macquarie Goodman Funds Management Limited ABN 48 067 796 641; AFSL Number 223621

Level 10, 60 Castlereagh Street Sydney NSW 2000 GPO Box 4703 Sydney NSW 2001

+61 2 9230 7400 Telephone Facsimile +61 2 9230 7444 info@macquariegoodman.com.au www.macquariegoodman.com