GPT GROUP — Capital/Financing Update 2004

Sep 29, 2004

GPT GENERAL PROPERTY TRUST

General Property Trust Stock Exchange Announcement

GPT UNWINDS JOINT VENTURE ARRANGEMENT

AT SUNSHINE PLAZA

30 September 2004

GPT Management Limited, as responsible entity of General Property Trust, in conjunction with joint owner Australian Prime Property Fund Retail (APPF Retail), today announced that it had finalised the process of terminating the ground lease at Sunshine Plaza Shopping Centre. This has resulted in the existing Joint Venture Investment Arrangement (JVIA) with Retail Investor Pty Limited (Commonwealth Bank) being dissolved as anticipated under the terms of that arrangement, giving GPT and APPF Retail full entitlement to all future income from the Centre as of 1 October 2004

In accordance with the terms of the JVIA, GPT has made a capital payment. The payment is based on a formula that takes into account the valuation of the Centre at termination less the deposits that GPT has paid to the Bank since entering into the JVIA.

The total capital outlay for GPT will be \$57 million and the Year 1 yield on this expenditure is anticipated to be approximately 10%.

Mr Michael O'Brien, Fund Manager for GPT, said he was pleased with the result.

"Sunshine Plaza is one of the strongest performing retail centres in GPT's \$3.9 billion Retail Portfolio, with specialty sales per square metre of \$9.241 at June this year."

"GPT's investors will now benefit by receiving the full income from the Centre and from the opportunity to continue to redevelop and expand the Centre over time to capitalise on future growth," Mr O'Brien said.

ENDS

For further information please contact: Michael O'Brien Fund Manager (02) 9236 6235 0417 691 028

Mark Fookes General Manager Retail Investment (02) 9237 5664 0412 279 833