GPT GROUP — Capital/Financing Update 2003

Dec 17, 2003

General Property Trust ASX Announcement and Media Release

General Property Trust Receives Council Approval for Macarthur Square Development Application

18 December 2003

GPT announced today that the Development Application for a major expansion of Macarthur Square Shopping Centre in South West Sydney has been approved by Campbelltown City Council.

Macarthur Square is currently trading strongly, with moving annual turnover of \$5,057 per sam for the centre and specialty moving annual turnover of \$8,664 per sam at 30 September 2003. Specialty occupancy costs were 14.2% at 30 September 2003.

The proposed expansion will increase the Centre's GLA by approximately 29,000 sqm, to over 90,000 som and will enhance the retail, leisure, entertainment and community offers at the Centre. GPT owns a 50% interest in Macarthur Square, with the other 50% owned by Australian Prime Property Fund - Retail.

GPT is now working towards achieving final approvals and satisfying conditions precedent and anticipate commencing the development works in the first half of 2004. The development, which is anticipated to cost approximately \$80 million (GPT's half share) and to provide a Year 1 yield of 8%, is scheduled to be complete at the end of 2005.

ENDS

Enquiries

For further information please contact:

Michael O'Brien Fund Manager (02) 9236 6235

Mark Fookes Retail Portfolio Manager (02) 9237 5664

Additional information:

Governor Phillip and Governor Macquarie Tower

Asset Overview

The office towers were completed in 1993 and 1994 respectively and offer superior services and finishes.

The office space has large floor plates (of approximately 1,500 sqm for Governor Phillip Tower and 1,200 sqm for Governor Macquarie Tower) and the upper floors boast expansive views of the city and harbour. The floor layout provides maximum flexibility for tenants and the floors are column free, with floor to ceiling heights of 2.7 metres.

The asset also includes basement parking for 654 cars and the Phillip Street terraces (1,500 sqm), which house commercial office accommodation and a restaurant and cafe.

Impact on Office Portfolio

Post-acquisition, GPT's Office Portfolio will have a total value of over \$2.8 billion. $\bullet$

Office Portfolio breakdown by Geography

	NSW	Victoria	Queensland	ACT
At 30 June 2003	58%	28%	12%	2%
Post-acquisition	62%	26%	10%	2%

Post-acquisition, GPT's Office Portfolio will have a weighted average lease term to expiry $\bullet$ of 5.9 years.

Office Portfolio Lease Expiry

	Vacant	2003/04	2005	2006	2007	$2008+$
At 30 September 2003	4.2%	13.9%	16.6%	9.7%	5.2%	50.4%
Post-acquisition	4.0%	13.4%	16.5%	9.3%	6.0%	50.7%

Impact on GPT

GPT Portfolio breakdown by Sector

	Retail	Office	Hotel/Tourism	Industrial/Business Park
At 30 June 2003	51%	38%	8%	3%
Post-acquisition	49%	40%	7%	4%

ENDS