GPT GROUP — Capital/Financing Update 2009

Aug 30, 2009

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Acquisition of interest in Highpoint Shopping Centre 31 August 2009

The GPT Group (GPT) today announced that it would acquire a 16.67% interest in Highpoint Shopping Centre and the adjacent Maribyrnong Homemaker City Centre for a total purchase price of $206.3 million (excluding acquisition costs).

GPT’s Chief Executive Officer, Michael Cameron said: “Highpoint is one of Australia’s leading shopping centres and a great fit for our strategy. The asset has one of the largest trade areas for a regional centre in Australia and attractive long-term expansion opportunities with significant existing land holdings.”

Highpoint was ranked fourth in the 2009 Shopping Centre News Big Guns survey and, as at 30 June, generated total moving annual turnover of $779 million (+3.8%) and specialty sales per square metre of $9,397 (+6.2%).

In July 2009, Highpoint Property Group exercised a put option in relation to one third of its 50% interest (equating to 16.67% of the asset) in Highpoint Shopping Centre and the adjacent Maribyrnong Homemaker City Centre.

The sale price has been determined by a market valuation process. The price for the Highpoint Shopping Centre interest is $197.5 million representing a capitalisation rate of 6.0% and the price for the Maribyrnong Homemaker City Centre interest was $8.8 million representing a capitalisation rate of 9.0%. The average yield on the combined purchase price of $206.3 million (excluding acquisition costs) across both properties is 6.25%.

Settlement is scheduled to occur today.

As at 30 June 2009 GPT had liquidity of $3 billion. GPT has sufficient funding capacity to acquire the interest, and meet its other capital commitments, without the requirement to refinance any maturing facilities through to the end of 2010. The acquisition of this interest is anticipated to increase gearing by 1.5% to approximately 21.5%.

GPT’s guidance for 2009 remains at $365 million in realised operating income with a distribution per security of 4.5 cents.

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Ends

For further information contact:

Michael O’Brien Mark Fookes Donna Byrne Chief Operating Officer Head of Retail Head of Investor Relations 02 8239 3544 02 8329 3518 and Corporate Affairs 02 8239 3515 0401 711 542

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