GPT GROUP — Capital/Financing Update 2007

Aug 9, 2007

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ASX Announcement ASX Code: ALZ

10 August 2007

AUSTRALAND SELLS 50% SHARE OF 28 FRESHWATER PLACE TO GPT WHOLESALE OFFICE FUND

Australand today announced that it had sold a 50% interest in its commercial office project at 28 Freshwater Place, Melbourne to GPT Wholesale Office Fund (GWOF) for approximately $115 million. The project is anticipated to have a total end value of $230 million, reflecting a yield of 6% based on a 5 year rental support deed provided to GWOF by Australand.

GWOF has entered into a development agreement with Australand to deliver the 34,000 sqm A-Grade office tower (designed to 4.5 star ABGR and 4 Star Green Star) which is expected to be completed by late 2008. The building forms the second stage of the successful, high quality Freshwater Place office precinct developed by Australand over the last four years.

John Thomas, Australand’s Chief Operating Officer, said the sale was consistent with Australand’s previous treatment of the first office stage at Freshwater Place, where Australand sold a 50% interest to Colonial’s Commonwealth Property Office Fund.

“The outstanding success of the first office stage at Freshwater Place confirms this precinct as a premium Melbourne office location”, Mr. Thomas said.

Australand’s Regional General Manager, Mr. Sean McMahon, commented that “The Freshwater precinct has now established itself as Melbourne’s alternative CBD and current office market research suggests there will be strong leasing demand for this building prior to its completion in late 2008”.

Australand is yet to decide its intentions in relation to its remaining 50% share of the 28 Freshwater Place project.

For further information, please contact:

John Thomas: Chief Operating Officer Tel: 0418 926 077 Email: jthomas@australand.com.au

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