GPT GROUP — Capital/Financing Update 2004

May 30, 2004

General Property Trust Stock Exchange Announcement & Media Release

GPT FURTHER EXPANDS

HOMEBUSH BAY PRESENCE

31 May 2004

GPT today announced that contracts have been exchanged for the acquisition of 7 Figtree Drive, Homebush Bay located in the Sydney Olympic Park Commercial Precinct for \$9.5 million (excluding acquisition costs). The property will provide GPT with a yield of 7.2% after acquisition costs.

The acquisition is a strategic one which, combined with the adjoining 8 Herb Elliot Avenue which GPT acquired earlier this year, gives GPT the opportunity to consolidate and develop the two sites. extending the development potential for the Portfolio and GPT's business park offer in the Homebush Bay precinct.

7 Figtree Drive, which occupies a site of over 9,000 sqm, is currently occupied by a 3,600 sqm office and warehouse facility which is sub-leased to the Sydney Olympic Park Authority (SOPA) until March 2006.

Combined, 7 Figtree Drive and 8 Herb Elliot Avenue, increase GPT's scale in the Homebush Bay precinct, as these assets are located in close proximity to the Quad Business Park, which is currently under development, and the Samsung Building.

Completion is expected to occur in six weeks.

ENDS Enquiries: GPT Management Ltd

Victor Georos Industrial & Business Park Portfolio Manager Ph: 02 9237 5875