GOODMAN GROUP — Capital/Financing Update 2005

May 18, 2005

Valad Property Group

19 May 2005

ASX Announcement-VPG

VALAD SELLS IBC TO MACQUARIE GOODMAN FOR \$88 MILLION

Valad Property Group (ASX: VPG) announces the sale of the IBC Estate in Homebush, formerly the International Broadcasting Centre during the Sydney Olympics, to Macquarie Goodman for \$88 million.

The IBC Estate was purchased through a joint venture between Valad and GIC Real Estate Pte Ltd, through its affiliate, First Avenue Square Pte Ltd, in October 2000 following the completion of the Sydney 2000 Olympics.

'On purchase we had a five year value-adding plan for the IBC,' says Peter Hurley, Managing Director of Valad. 'The sale of IBC Estate brings this plan to a successful close following a program of significant improvement over the past five vears.'

During this period. Valad, as manager of the property, added significant value through: site rezoning from light industrial to high-tech business use; obtaining master plan approval allowing for the development of up to 190,000sqm of hightech commercial space; securing development consent for a 12,000sqm commercial building; and achieving substantial lease-up of the Estate during the development phase.

'Following the successful implementation of the business plan. Valad and our joint venture partner, GIC Real Estate, were seeking to realise this value through a successful sale,' says Hurley.

Valad sells its 5% interest in the IBC Estate, the remaining 95% interest being held by GIC Real Estate Pte Ltd, through its affiliate, First Avenue Square Pte Ltd.

$Valad \ Property \ Group$

Contacts

Contact	Media	Investors / Analysts
Peter Hurley	Andrew Johnstone	Guy Farrands
Managing Director	Corporate Affairs	Head of Corporate Development
Valad Property Group	Valad Property Group	Valad Property Group
61 2 8257 6608 Tel: I	61 2 8257 6609 Tel: I	61 2 8257 6607 Tel: I
0412 422 002 Fax:	0413 772 454 Fax: I	0416 198 371 Fax:

About Valad

Valad Property Group (ASX Code: VPG) is a stapled security combining a listed property trust and a funds management company, with total assets under management in excess of \$1.5 billion including 58 properties, and a market capitalisation of approximately \$600 million. The listed property trust, Valad Property Trust, has approximately \$600 million in stable income generating property assets. The funds management company, Valad Funds Management, offers property investments across a range of risk/return profiles from passive portfolios to specialist and value-adding investment opportunities, and is Australia's leading manager of value-adding property funds.