GPT GROUP — Capital/Financing Update 2005

Jun 28, 2005

GPT

The GPT Group ASX Announcement & Media Release

GPT EXPANDS HOTEL/TOURISM PORTFOLIO WITH THE ACQUISITION OF EL QUESTRO RESORT 29 June 2005

The GPT Group (GPT) today announced that it, in conjunction with Voyages Hotels & Resorts Pty Limited (Vovages), is acquiring the highly awarded El Questro Resort located in the Kimberley region of Western Australia. El Questro comprises a millionacre leasehold property and provides an exceptional nature-based tourism experience due to its diverse terrain, waterways and touring options. Completion is expected to occur in early July.

The Resort is a perfect strategic addition to the Voyages Lodges portfolio (formerly P&O Australian Resorts) as it enables the portfolio to provide access to the stunning and increasingly popular Kimberley region of northwest Australia. GPT's resorts encompass Central Australia (Ayers Rock Resort), the Great Barrier Reef (Heron, Dunk, Lizard and Bedarra Islands), the North Queensland Rainforest region (Cape Tribulation and Silky Oaks Lodge), the Tasmanian wilderness (Cradle Mountain Lodge) and now the Kimberley region, offering a unique and diverse portfolio which dominates the nature-based tourism sector in Australia.

El Questro consists of a range of accommodation, including premium rooms, cabins, a campground and associated facilities and touring. There is a total of 73 accommodation units located in three separate properties:

Homestead	6 premium rooms
Station	12 cabins, campground, store, restaurant & bar
Emma Gorge*	55 tented cabins, restaurant & bar
Total	73 rooms/cabins

*Note: Emma Gorge was damaged by floods earlier this year and is closed for the 2005 season. GPT will reinstate Emma Gorge at a cost of \$3.25m in time for reopening in 2006 and has been compensated for loss of profit associated with this closure.

The Resort is being acquired for \$17.4m (including acquisition costs and the Emma Gorge reinstatement costs) and is forecast to deliver a first year vield of approximately 10%

Voyages will lease and manage the Resort, utilising its existing marketing and distribution capacity.

Due to seasonality, El Questro is only open from late March to late October each year. The current leasehold expires in 2044.

Consistent with GPT's Ayers Rock Resort and Lodges properties, the Resort features exceptional nature-based tourism attractions and is also located in close proximity to the Bungle Bungle range, Argyle Diamond mine and the Ord River/Lake Argyle. The area is well serviced by air and a network of sealed and dirt roads. Main gateway airports are located at Broome and Kununurra.

Bruce Morris, GPT's Hotel/Tourism Portfolio Manager said: "This is an exceptional opportunity to acquire a unique asset which complements GPT's existing product offer in the experiential nature-based tourism market. El Questro is an established and quality asset with an excellent reputation both domestically and internationally. In addition, the Resort has various expansion options, which enhance the long-term attractiveness of the property".

El Questro also includes a cattle grazing business which will be acquired by Voyages. It is intended in the near term that the cattle will be on sold to a third party.

On completion of the acquisition. GPT's Hotel/Tourism Portfolio will have a value in excess of \$790 million and will represent approximately 9% of GPT's total property assets.

Further information and photographs

For further information please see attached Appendix and www.elguestro.com.au

ENDS

Enquiries

Michael O'Brien, Chief Operating Officer Ph: 02 8239 3544

Bruce Morris, Hotel/Tourism Portfolio Manager Ph: 02 8239 3541

Appendix

Awards

El Questro Resort is well-recognised and has won the following awards:

1995	Sir David Brand Award for Tourism Excellence Major Tourist Attraction WA
1997	Sir David Brand Award for Tourism Excellence
1998	Unique Accommodation Luxury Accommodation
1999	Unique Accommodation
2000	Sir David Brand Award for Tourism Excellence Unique Accommodation
2001	Sir David Brand Award for Tourism Excellence Unique Accommodation
2003	Major Tourist Attraction WA
2004	Major Tourist Attraction WA

Location