GPT GROUP — Capital/Financing Update 2005

May 30, 2005

General Property Trust Proposed Stapling to GPT Management Holdings Limited

Market Participants are advised that unitholders in General Property Trust (the "Trust") will be considering the stapling of units in the Trust to shares in GPT Management Holdings Limited (the "Company") on Thursday, 2 June 2005.

If unitholders approve the stapling, units in the Trust will be stapled to shares in the Company on a one for one basis with the stapled securities trading on ASX as a single security. Unitholders retain their existing units in the Trust and are issued with an equal number of shares in the Company. It is expected that trading in the stapled securities will commence on Friday, 3 June 2005 on a deferred settlement basis under the name General Property Group (ASX Code: GPTDA).

A prospectus dated 2 May 2005 relating to the proposed stapling and other matters has previously been forwarded to unitholders.

The Company has applied for admission to the official list of ASX as part of the stapling proposal. Reflecting the number of units in the Trust on issue following the stapling proposal, the Company will have 2,016,716,610 ordinary shares on issue.

The following timetable is expected to apply if the Trust's unitholders approve the stapling proposal. The timetable is indicative and is subject to change.

Thursday 2 June 2005	Trust unitholders approve the stapling proposal.
	Last day of trading in Trust units (ASX Code: GPT).
Friday 3 June 2005	Company admitted to the official list of ASX.
	Deferred settlement trading in stapled securities commences under the name of General Property Group (ASX Code: GPTDA).
Thursday 9 June 2005	Record date for determining entitlements to stapled securities.
Friday 10 June 2005	Implementation date.
Friday 17 June 2005	Despatch date.
	Last day of deferred settlement trading.
Monday 20 June 2005	Commencement of normal $(T+3)$ trading in stapled securities (ASX Code: GPT)
Thursday 23 June 2005	Settlement of all deferred settlement trades and first settlement of trades conducted on a $T+3$ basis.

Quoted Securities:	2,016,716,610 stapled securities (each stapled security consists of one fully paid ordinary share in the Company and one fully paid unit in the Trust).
ASX Code:	GPT
Time: Date:	Normal opening applies Friday, 3 June 2005
SEAT Abbreviation:	GPT
ISIN:	AU000000GPT8
Home Branch:	Sydney
Industry Classification:	GICS - 4040 Real Estate Investment Trust
Registered Office:	Level 4 30 The Bond 30 Hickson Road Sydney NSW 2000
	Ph: (02) 9237 5133 Fax: (02) 9283 8146
Company Secretary:	James Coyne
Share Registry:	ASX Perpetual Registrars Level 8, HSBC Centre 580 George Street Sydney NSW 2000
Balance Date:	31 December
CHESS:	Participating. The Company will also operate an issuer sponsored subregister.
State of Incorporation:	Victoria
ASX restricted securities:	None
Dividend Policy:	Refer to the prospectus dated 2 May 2005
Activities:	Property investment

ASX Contact:	Andrew Black
Business Unit	Companies Sydney
Ext.No:	7899
Date:	Tuesday, 31 May 2005

For further information, call the GPT Unitholder information line on 1800 350 150 (+61 2 9278 9045 if outside of Australia) or refer to the GPT Notice of Meeting and Explanatory Memorandum and Prospectus dated 2 May 2005 lodged with ASX on 2 May 2005.