GPT GROUP — M&A Activity 2007

Jul 11, 2007

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THE GPT GROUP ANNOUNCES Completion of Halverton Acquisition 12 July 2007

The GPT Group is pleased to announce that the Group has now completed the acquisition of Halverton Real Estate Investment Management, a pan European investment and asset management company employing over 110 people with assets under management of over $2.2 billion (€1.3 billion). The business is in the process of being rebranded as “GPT Halverton”.

Together with the Group’s interest in Hamburg Trust, which was acquired at the beginning of July, GPT Halverton provides the Group with the ability to deliver on GPT’s strategy to expand its fund and asset management activities in Europe, building on the Group’s established Australian model.

Nic Lyons, CEO of GPT said the acquisition provides GPT with exposure to the European real estate market and realises the Group’s ambition to create an operating platform in Europe, initially focussed on the retail, office and industrial sectors, as part of a successful international platform.

“This acquisition is consistent with our strategy for international expansion, our funds management business and our continued development of additional capital partners. In addition, the investment will allow us to capitalise on the increasingly global focus of real estate investors and the potential we have to facilitate capital flows across markets and to redeploy capital from our Joint Venture with Babcock & Brown as it starts to be returned from the beginning of 2009,” Mr Lyons said.

Through this transaction, GPT has acquired a highly regarded and experienced local team with established networks and excellent growth prospects. Since announcing the acquisition on 7 June, GPT Halverton has continued to grow its operational platform and funds under management. Recent initiatives include:

• The launch of BIP. The Partnership has been created specifically for clients of CBRE Investors to invest primarily in multi-let industrial property in the Netherlands and Germany. The Fund, which raised €80 million of equity, will make initial investments totalling approximately €200 million. Three acquisitions totalling €80 million have already been made and it is estimated that the Fund will be fully invested by September 2007.

• Growth of EB8, an established fund targeting up to €1 billion Euro in Pan European distribution warehouses, with the acquisition of two additional assets in the Netherlands. The assets, which are located in Rotterdam and Weteringstrasse, increase the scale of the Fund (to over €170 million) and demonstrate the business’s ability to source acquisitions to grow assets under management.

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• The successful opening of offices in Dusseldorp and Stockholm as part of the planned expansion of the operating platform.

Further information on each of these announcements can be found at www.halverton.com

“We are excited about the potential to continue to build this business, supplementing the strong capability of the existing team with our own skills and funds management expertise.

“We are now in a stronger position to deliver growing returns for GPT investors and to drive GPT’s strategic position in Europe for the long term benefit of investors,” Mr Lyons said.

About GPT Halverton

GPT Halverton is a real estate investment and asset management company with expertise in the aggregation and asset management of pan European real estate. The Group, which has rapidly expanded since its inception in late 2004, manages the Joint Venture’s $1.4 billion light industrial portfolio and has a strong team and track record. In addition to the management of the Joint Venture’s portfolio, GPT Halverton has established several other funds and direct mandates.

Established in September 2004, the business was set up by Richard Croft, Doug Gardner, Bill Sexton, Taco de Groot and Andrew Yates to provide investor access to European real estate markets. It started trading in January 2005.

The business is led by a strong management team with a wealth of experience in deal structuring, transaction origination and active asset management across Western Europe and will remain under the leadership of Chief Executive, Richard Croft. The balance of the founding management team will remain intact.

The business is readily scaleable, with an established growth strategy and provides an excellent platform on which to build both asset management and funds management opportunities.

ENDS

For further information, please contact GPT:

Nic Lyons Chief Executive Officer (02) 8239 3565

Donna Byrne Head of Investor Relations & Corporate Affairs (02) 8239 3515

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