GPT GROUP — Major Shareholding Notification 2004

Nov 24, 2004

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	General Property Trust
ACN/ARSN	090 110 357
1. Details of substantial holder (1)
Name ACN/ARSN (if applicable)	Stockland (refer to Annexure A)
The holder became a substantial holder on	24/11/2004

2. Details of voting power

The total number of votes attached to all the voting shares in the company or voting interests in the scheme that the substantial holder or an associate (2) had a relevant interest (3) in on the date the substantial holder became a substantial holder are as follows:

Class of securities (4)	Number of securities	Person's votes (5)	Voting power (6)
Ordinary units			$0.00\%$

¹ This notice is lodged in accordance with 671B(1)(c) of the Corporations Act following the bidder's statement lodged by Stockland Trust Management Limited with the Australian Securities and Investments Commission on 24 November 2004 in respect of the takeover offer for General Property Trust (ARSN 090 110 357).

3. Details of relevant interests

The nature of the relevant interest the substantial holder or an associate had in the following voting securities on the date the substantial holder became a substantial holder are as follows:

Holder of relevant interest	Nature of relevant interest (7)	Class and number of securities
Not applicable Not applicable		Not applicable

4. Details of present registered holders

The persons registered as holders of the securities referred to in paragraph 3 above are as follows:

Holder of relevant	Registered holder of	Person entitled to be	Class and number
interest	securities	registered as holder (8)	of securities
Not applicable	Not applicable	Not applicable	Not applicable

5. Consideration

The consideration paid for each relevant interest referred to in paragraph 3 above, and acquired in the four months prior to the day that the substantial holder became a substantial holder is as follows:

Holder of relevant interest	Date of acquisition	Consideration (9)		Class and number of securities
		Cash	Non-Cash
Not applicable	Not applicable	Not applicable	Not applicable	Not applicable

6. Associates

The reasons the persons named in paragraph 3 above are associates of the substantial holder are as follows:

Name and ACN/ARSN (if applicable)	Nature of association
Not applicable	Not applicable

7. Addresses

The addresses of persons named in this form are as follows:

Name	Address
refer to Annexure B	refer to Annexure B

Signature

print name	PHILLIP ALLAN HEPBURN	SECETARY Capacity
sign here	Till Hell	25//11/2004 dale

Annexure A

This is the annexure marked "A" of 2 pages referred to in Form 603 ("Notice of initial substantial holder").

Tilly Hill

PHILLIP ALLAN HEPBURN Secretary 25 November 2004

Name	ACN
Stockland Trust Management Limited	001 900 741
as responsible entity for
Stockland Trust ARSN 092 897 348
Stockland Corporation Limited,	000 181 733
and each of its subsidiaries, as follows:
Albert & Co Pty Limited	000 184 369
Centenary Park Developments No. 1 Pty Ltd	094 224 861
Directors Management Pty Ltd	050 020 856
Ezoperli Pty Ltd	002 538 507
Heritage Construction Pty Ltd	008 717 539
North Whitfords Estates Pty Ltd Stockland (Alamein) Pty Ltd	008 675 116 000 734 878
Stockland (Co-ordinators) Pty Ltd	000 402 728
Stockland (General) Pty Limited	004 963 946
Stockland (Mapledown) Pty Ltd	000 690 522
Stockland (Master) Pty Ltd	000 690 531
Stockland (Park) Pty Limited	004 982 389
Stockland (Queensland) Pty Ltd	009 855 958
Stockland (Russell Street) Pty Ltd	008 480 019
Stockland (Sales) Pty Ltd	000 412 582
Stockland (Subdividers) Pty Ltd	000 108 654
Stockland (Victoria) Pty Limited Stockland Development (Holdings No.1) Pty Limited	004 752 354 108 861 490
Stockland Development (Holdings) Pty Ltd	107 541 088
Stockland Development (PHH) Pty Ltd	108 028 502
Stockland Development (QLD Holdings) Pty Limited	107 541 382
Stockland Development (WA No.1) Pty Ltd	108 891 283
Stockland Development (WA No.2) Pty Ltd	108 891 943
Stockland Development Pty Ltd	000 064 835
Stockland Finance Pty Limited	105 653 567
Stockland Funds Management Limited	078 081 722
Stockland Hotel Group Pty Limited	002 563 920
Stockland Management Services Pty Ltd Stockland Property Management Pty Limited	002 571 084 000 059 398
Stockland Property Services Pty Limited	068 408 051
Stockland South Beach Holdings Pty Ltd	108 902 549
Stockland South Beach Pty Limited	108 905 031
Stockland South Beach Syndicate Pty Ltd	108 903 466
Stockland WA (Estates) Pty Limited	001 782 556
Stockland WA (Rockingham) Pty Ltd	008 762 312
Stockland WA Corser Pty Ltd	008 714 609
Stockland WA Development Pty Ltd	000 097 825

Name	ACN
Stockland WA Enterprises Pty Ltd	008 717 584
Stockland WA Holdings Pty Ltd	001 774 572
Stockland WA Home Builders Pty Ltd	008 785 019
Stockland WA Property Company of Australia Pty Limited	001 782 565
Stockland WA Realty Pty Ltd	008 896 354
Stocks & Realty (Security Finance) Pty Ltd	000 352 063
The Park at Melbourne (Australia) Pty Ltd	006 726 905
Thermotech Building Maintenance Services Pty Ltd	000 401 838
West End Apartments Management Pty Ltd	008 292 984
Stockland Singapore Pte Limited (Singapore)	200707384R
ADP NZ Finance Company Limited (New Zealand)	1231570

This is the annexure marked "B" of 2 pages referred to in Form 603 ("Notice of initial substantial holder").

11LL Heft

PHILLIP ALLAN HEPBURN Secretary 25 November 2004

Address

157 Liverpool Street, Sydney NSW 2000

157 Liverpool Street, Sydney NSW 2000

Stockland Trust Management Limited as responsible entity for Stockland Trust ARSN 092 897 348

Stockland Corporation Limited.

Name

and each of its subsidiaries, as follows:

Albert & Co Pty Limited Centenary Park Developments No. 1 Pty Ltd Directors Management Pty Ltd Ezoperli Pty Ltd Heritage Construction Pty Ltd North Whitfords Estates Ptv Ltd Stockland (Alamein) Pty Ltd Stockland (Co-ordinators) Ptv Ltd Stockland (General) Ptv Limited Stockland (Mapledown) Pty Ltd Stockland (Master) Ptv Ltd Stockland (Park) Pty Limited Stockland (Queensland) Pty Ltd Stockland (Russell Street) Pty Ltd Stockland (Sales) Pty Ltd Stockland (Subdividers) Pty Ltd Stockland (Victoria) Pty Limited Stockland Development (Holdings No.1) Pty Limited Stockland Development (Holdings) Pty Ltd Stockland Development (PHH) Pty Ltd Stockland Development (QLD Holdings) Pty Limited Stockland Development (WA No.1) Pty Ltd Stockland Development (WA No.2) Pty Ltd Stockland Development Pty Ltd Stockland Finance Pty Limited Stockland Funds Management Limited Stockland Hotel Group Ptv Limited Stockland Management Services Pty Ltd Stockland Property Management Pty Limited Stockland Property Services Pty Limited Stockland South Beach Holdings Pty Ltd Stockland South Beach Pty Limited Stockland South Beach Syndicate Pty Ltd Stockland WA (Estates) Pty Limited Stockland WA (Rockingham) Pty Ltd

157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000 157 Liverpool Street, Sydney NSW 2000

Name	Address
Stockland WA Corser Pty Ltd	157 Liverpool Street, Sydney NSW 2000
Stockland WA Development Pty Ltd	157 Liverpool Street, Sydney NSW 2000
Stockland WA Enterprises Pty Ltd	157 Liverpool Street, Sydney NSW 2000
Stockland WA Holdings Pty Ltd	157 Liverpool Street, Sydney NSW 2000
Stockland WA Home Builders Pty Ltd	157 Liverpool Street, Sydney NSW 2000
Stockland WA Property Company of Australia Pty Limited	157 Liverpool Street, Sydney NSW 2000
Stockland WA Realty Pty Ltd	157 Liverpool Street, Sydney NSW 2000
Stocks & Realty (Security Finance) Pty Ltd	157 Liverpool Street, Sydney NSW 2000
The Park at Melbourne (Australia) Pty Ltd	157 Liverpool Street, Sydney NSW 2000
Thermotech Building Maintenance Services Pty Ltd.	157 Liverpool Street, Sydney NSW 2000
West End Apartments Management Pty Ltd	157 Liverpool Street, Sydney NSW 2000
Stockland Singapore Pte Limited	18 Cross Street #04-00
	Marsh & McLennan Centre
	Singapore 048423
ADP NZ Finance Company Limited	C/- Russell Mcveagh
	Level 30 Vero Centre
	48 Shortland Street
	Auckland NZ