GOODMAN GROUP — Capital/Financing Update 2006

May 30, 2006

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

Macquarie Goodman Wholesale Fund Transactions

Macquarie Goodman is pleased to announce that it has entered into various agreements for the disposal of properties to the Macquarie Goodman Australian Wholesale Fund ("MGW") for a total sale price of \$147.8 million. MGW has also entered into agreements to buy a number of land parcels from other vendors on a pre-leased basis which Macquarie Goodman has sourced and to which it will provide development services.

Property Disposals and New Development Projects

MGW has exercised its first right of refusal in order to acquire properties from Macquarie Goodman. The transaction values are based on independent valuations.

The disposals comprise three completed office/warehouse facilities at Queensport Quays Business Park and three warehouse/distribution facilities leased by ACI Packaging in Sydney, Melbourne and Brisbane.

Macquarie Goodman has also confirmed a number of new development projects to be undertaken by MGW comprising a total value of approximately \$77.0 million. In total the three properties (in NSW, QLD and Vic) will provide facilities for customers such as Toll and Metcash.

Commenting on the transaction, Mr David van Aanholt, Chief Executive Officer, Australia, said, "Our development activities remain robust in the region with ongoing demand from customers and our continued ability to meet their requirements. We are pleased to be able to partner with MGW to provide it with a range of high quality investment opportunities."

The acquisitions provide MGW with access to industrial assets in a cost effective manner which is consistent with its investment objectives and in line with its investment returns. Post the acquisition and completion of the developments, MGW will comprise a portfolio of 41 properties valued at approximately \$1.4 billion.

Impact on Macquarie Goodman

The disposals and sourcing of new developments are in line with Macquarie Goodman's strategy to build its third party funds management business and recycle capital into opportunities for the Group. The contract of the contract of the server siya.

Gregory Goodman, Chief Executive Officer of Macquarie Goodman said, "The Group has the ability to deploy capital across a wide variety of markets and is currently observing numerous opportunities. Coupled with the recent equity raising, the Group is in a strong position to capitalise on these opportunities as they arise."

These transactions will crystallise earnings for Macquarie Goodman which are consistent with its FY06 financial forecasts. Gearing will be below the target range of 35% to 40%.

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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

Table 1: Property disposals

Name	NLA (sqm)	Value (\$m)
OML Facility - Queensport Quays Business Park	9.568	22.0
NHP Facility - Queensport Quays Business Park	4.820	6.8
Linfox Armaguard Facility - Queensport Quays Business Park	3.207	8.5
ACI - Forrester Distribution Centre	60.439	65.0
ACI - Angliss Distribution Centre	50,930	35.5
ACI - Lytton Distribution Centre	8.507	10.0
Total	137.471	147.8
Weighted Average Lease Expiry Average Cap Rate		7.8 years 7.5%

For further information, please contact Macquarie Goodman:

Gregory Goodman Chief Executive Officer Tel: +61 2 9230 7400

David van Aanholt Chief Executive Officer - Australia Tel: +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 GPQ Box 4703 Sydney NSW 2001

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