GPT GROUP — Capital/Financing Update 2009

Oct 25, 2009

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Sale of Four Points by Sheraton Hotel, Sydney

26 October 2009

The GPT Group (GPT) announced today further progress in relation to the Group’s non core asset sale program with the exchange of contracts for the sale of the Four Points by Sheraton Hotel in Sydney.

The Hotel has been sold for $185 million to an offshore investor. The price represents a 10% discount to GPT’s 30 June 2009 fair value and a passing yield of 8.8%.

The sale proceeds will be applied to the Group’s borrowings. Adjusting for this sale and other transactions post June period end, GPT’s gearing ratio is expected to be approximately 22%.

Chief Executive Officer, Michael Cameron, said: “Four Points by Sheraton is a solid asset in the Sydney hotel market. It has performed well for GPT and the sale represents a good result in the current investment market. In line with our strategy announced in August, the divestment of the Hotel/Tourism assets allows us to focus on our core portfolios in the Australian retail, office and industrial/business park sectors and further strengthens GPT’s balance sheet to enable us to secure compelling opportunities in these sectors.”

GPT will complete the current capital expenditure program of up to $5 million.

Completion of the sale is expected before year end.

The sale process for the remaining hotel and tourism assets; Brampton Island Resort and Ayers Rock Resort continues to progress.

Ends

For further information contact:

Michael O’Brien	Donna Byrne	Samantha Taranto
Chief Financial	Head of Investor Relations &	Group Media Manager
Officer	Corporate Affairs	02 8239 3636
02 8239 3544	02 8239 3515	0432 384 696

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