GPT GROUP — Capital/Financing Update 2009

Dec 13, 2009

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Sale of GPT Halverton

14 December 2009

Further to the GPT Group’s announcement in August 2009 that a sale process had commenced in relation to the GPT Halverton business, GPT is pleased to announce that the business has been sold to Internos Real Investors (“Internos”), a privately-owned pan-European investment manager, based in London.

Internos has acquired the GPT Halverton business for the nominal sum of €2; however, the company has been sold to Internos with additional working capital, of approximately €7 million, reflecting the current loss-making position of the company and the ongoing funding requirements of the restructuring programme currently underway.

Michael Cameron, Chief Executive Officer, GPT said: “GPT considered all options in relation to GPT Halverton, including liquidation, and concluded that a sale to Internos was in the best interests of GPT and its securityholders in order to ensure a timely and cost-effective exit from the business.

“We were very pleased with the level of interest we had in the business and with the outcome of the sale process.”

At June 2009 GPT had the business valued at zero, in line with expectations of further operating losses in 2009 and 2010. While the sale realises only a nominal value, it removes GPT’s exposure to further losses and costs associated with the ongoing restructuring required to reduce future losses.

“The sale of the GPT Halverton business is another milestone in our strategy. Having exited the European component of the Joint Venture and the Hamburg Trust business, GPT Halverton represented our only remaining exposure to the European market. Exiting this business is a further step in simplifying the business and increasing our focus on the Group’s high quality Australian assets.”

KPMG Corporate Finance advised GPT in relation to the transaction.

The Group’s guidance of $365 million in realised operating income for 2009 remains unchanged.

ENDS

Contact:

Michael O’Brien Donna Byrne Chief Financial Officer Head of Investor Relations & Corporate Affairs 02 8239 3544 02 8239 3515

Samantha Taranto Group Media Manager 02 8239 3635 0432 384 696

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