GPT GROUP — Capital/Financing Update 2005

Jun 22, 2005

GPT

The GPT Group ASX Announcement & Media Release

GPT ISSUES \$300 million

MEDIUM TERM NOTES

23 June 2005

GPT today undertook its first Medium Term Note issue since the internalisation and stapling which was effected on 10 June 2005.

GPT issued a total of \$300 million in fixed and floating 3 year notes, with maturity of 27 June 2008 through Lead Manager National Australia Bank and Co-manager Commonwealth Bank of Australia.

Strong demand for the notes resulted in the issue being oversubscribed.

The notes were issued to a range of investors, at a margin of 47 basis points above the relevant benchmark.

The funds will be used to retire existing short term debt.

GPT also exercised its call on its existing \$250 million Floating Rate Note issue maturing February 2006, with a portion of these Notes being purchased with settlement with the \$300 million MTN issue.

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ENDS