GPT GROUP — Capital/Financing Update 2009

May 12, 2009

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Sale of H2O Portfolio to Rynda

13 May 2009

The GPT Group (GPT) announced today that it has agreed to sell its interest in the H20 portfolio (previously warehoused within the GPT Halverton platform) to Rynda Capital Partners Europe LLP. Rynda Property Investors LLP (Rynda), an independent European real estate investment management business, has been appointed Investment Advisor of the Fund.

EuroHypo AG, a leading European real estate bank, has agreed to refinance the portfolio as part of the arrangements for the acquisition.

The H20 portfolio comprises a portfolio of 32 office properties located in Germany, the Netherlands, France, Denmark and Finland and had a carrying value of $260 million as at 31 December 2008. The portfolio has effectively been sold for the carrying value of the debt secured against the portfolio ($231 million as at 31 December 2008). The sale, therefore, represents an effective 11% discount to the carrying value of the portfolio as at 31 December 2008.

As a result of the sale (and following completion of the capital raising announced 7 May 2009), GPT's pro forma net debt and balance sheet gearing reduce to approximately $2.3 billion and 20%, respectively. The sale will not have a material impact on the Group's FY09 distribution guidance of 4.5 cents per security.

The transaction is consistent with GPT’s strategy to dispose of non-core real estate investments to further strengthen its balance sheet and brings the total value of non-core asset sales completed by the Group over the last five months to $460 million.

Ends

For further information contact:

Michael O’Brien

Donna Byrne

Chief Operating Head of Investor Relations Officer and Corporate Affairs 02 8239 3544 02 8239 3515 0401 711 542

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Media contact details:

Mark Gold

Third Person 0411 221 292

About Rynda Property Investors LLP

Rynda is a real estate investment management business wholly owned by its senior management. Rynda offers a true alignment of interest with its investors as Rynda and its senior management always co-invests with clients thus demonstrating a mutual and aligned commitment. Rynda offers investors access to a range of real estate asset types across the complete risk spectrum in Europe. Rynda Property Investors LLP is authorised and regulated by the Financial Services Authority.

For more information on Rynda, please visit www.ryndaproperty.com

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