GPT GROUP — Capital/Financing Update 2004

Apr 1, 2004

General Property Trust Stock Exchange Announcement & Media Release

GPT COMPLETES SUCCESSFUL PLACEMENT

2 April 2004

General Property Trust (GPT) today completed a placement of 67 million new GPT ordinary units to raise \$203 million. Units were issued at a price of \$3.03 under the Placement, representing a 1.5% discount to the volume weighted average price (VWAP) of \$3.077 per unit for the three days ending 1 April 2004.

The placement was strongly supported by investors and oversubscribed.

The proceeds of the placement will be used initially to pay down existing debt facilities, but ultimately to fund GPT's extensive development pipeline.

Nic Lyons, GPT's Chief Executive said that he was pleased with the success of the placement.

"With the announcement of our acquisition of the third stage of the Darling Park complex yesterday, we have over \$750 million in developments underway across GPT's \$7.6 billion property portfolio. Our extensive development pipeline will generate a further \$500 million in projects which are likely to commence in the next 12 months, significantly increasing our demand for funding. Consistent with our capital management policy, this placement provides GPT with ongoing funding flexibility," Mr Lyons said.

The bookbuild was underwritten and managed by UBS.

ENDS

Enquiries: GPT Management Ltd

Michael O'Brien Fund Manager 02 9236 6235

Donna Byrne Investor Relations Manager 02 9237 5844