GPT GROUP — Capital/Financing Update 2010

Apr 5, 2010

ANNOUNCES

6 April 2010

GPT Wholesale Office Fund Invests in Premium-Grade Sydney Office Development

The GPT Group is pleased to announce the GPT Wholesale Office Fund's acquisition of a 50% interest in the Premium-Grade office development, 163 Castlereagh Street, Sydney from Grocon Developments.

”The acquisition of 163 Castlereagh Street is consistent with our strategy to grow the business where appropriate opportunities arise. The Fund’s investment in this sought after Premium office development demonstrates the Group’s ability to access quality Australian real estate and to continue to improve performance from our Funds” said GPT CEO and Managing Director, Michael Cameron.

Fund Manager, Martin Ritchie said GWOF had pre-purchased the building at a cost of $333 million, funding the construction on a cost to complete basis, with Grocon taking the development risk and providing rent guarantees for the Fund. The deal is forecast to deliver an unlevered IRR of approximately 11% with a capitalisation rate of 6.75%.

“GWOF’s investment in this fantastic building, located in the heart of Sydney’s CBD with extensive harbour views, is consistent with the Fund’s strategy to own top quality Australian office assets and will increase our Premium grade weighting from 57% to 62% upon completion.

“Scheduled for completion in mid 2013, leasing of this Premium grade office asset is extremely strong with 76% of space having been pre-committed to ANZ and Freehills on 15 and 10 year leases respectively, providing a weighted average lease duration of 12.5 years,” Mr Ritchie said.

When complete, the 42 level tower will be one of only 10 Premium grade office buildings in Sydney, comprising 57,800 sqm in total with 54,450sqm of office space and 3,350sqm of retail space plus 100 car spaces.

The building, with excellent north east harbour views and expansive floor plates of over 1,500 sqm is targeting 5 Star Green Star and 5 star NABERS Energy ratings.

Grocon and LaSalle Investment Management will each have a 25% interest in the asset.

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For further information contact:

Martin RitchieFund Manager, GPT WholesaleOffice Fund02 8239 35480417 298 690	Donna ByrneHead of Investor Relations &Corporate Affairs02 8239 35150401 711 542	Samantha TarantoGroup Media Manager02 8239 36350432 384 696

Visit our website (www.gpt.com.au)

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