GPT GROUP — Capital/Financing Update 2004

Sep 26, 2004

General Property Trust ASX Announcement and Media Release

General Property Trust Commences Macarthur Square Expansion

27 September 2004

GPT announced today that following the achievement of all approvals and conditions precedent, the planned expansion of Macarthur Square has now commenced.

The expansion, which is anticipated to cost approximately \$100 million (GPT's 50% share, including land), forms part of a significant development pipeline of return enhancing developments which GPT has been progressing in recent years. Melbourne Central's major redevelopment is due to be complete at the end of 2004, an expansion of Penrith Plaza commenced earlier this year, and plans for the Town Centre of the Rouse Hill Regional Centre are also progressing, with works anticipated to commence early next year.

Macarthur Square is currently trading strongly, with moving annual turnover of \$5,175 per sam for the centre and specialty moving annual turnover of \$9,143 per sam at 30 June 2004.

The proposed expansion will increase the Centre's GLA by approximately 30,000 sqm, to over 90,000 sqm 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.

Reflective of the strong operating metrics of the Centre, the development is anticipated to provide a Year 1 yield of 8%. The first stage of the development is due to open late in 2005. with the second stage due to be complete in early 2006.

ENDS

Enquiries For further information please contact:

Michael O'Brien Fund Manager (02) 9236 6235

Mark Fookes Retail Portfolio Manager (02) 9237 5664