GPT GROUP — Major Shareholding Notification 2004

Nov 21, 2004

22 November 2004

Westfield Group

Level 24, Westfield Towers 100 William Street Sydney NSW 2011 GPO Box 4004 Sydney NSW 2001 Australia

Telephone 02 9358 7000 Facsimile 02 9358 7077 Internet www.westfield.com

The Manager Company Announcements Office Australian Stock Exchange Limited Level 4, Exchange Centre 20 Bridge Street SYDNEY NSW 2000

Dear Sir/Madam

WESTFIELD GROUP (ASX:WDC) NOTICE OF INITIAL SUBSTANTIAL HOLDER IN GENERAL PROPERTY TRUST (ASX: GPT)

Attached is a Notice of initial substantial holder in relation to the Westfield Group's holding in General Property Trust which has been lodged with General Property Trust.

Yours faithfully WESTFIELD GROUP

Simon Tuxen Company Secretary

Westfield Holdings Limited ABN 66 001 671 496

Westfield Management Limited ABN 41 001 670 579 AFS Licence 230329 as responsible entity for Westfield Trust ABN 55 191 750 378 ARSN 090 849 746

Form 603

Corporations Act 2001 Section 671B

Notice of initial substantial holder

To Company Name/Scheme	General Property Trust
ACN/ARSN	ARSN 090 110 357
1. Details of substantial holder (1)
Name	Westfield Group (comprising Westfield Holdings Limited JACN 001 671 496], Westfield Management Limited JACN 001 670 579] as responsible entity of Westfield Trust [ARSN 090 849 746] and Westfield America Management Limited [ACN 072 780 6191 as responsible entity of Westfield America Trust [ARSN 092 058 449] and the entities listed in Annexure A}
ACN/ARSN (if applicable)	Refer to above
The holder became a substantial holder on	19 November 2004

2. Details of voting power

The fotal 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	131.755.640	.755.640 131	6.53%

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 (ordinary interests unless otherwise specified)
Westfield Management Limited as responsible entity of Westfield Trust ("Westfield Management Limited")	Beneficial owner of units on ASX	131.755.640
Westfield Holdings Limited	Pursuant to section 608(3) of the Corporations Act 2001	131.755.640

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 interest	Registered holder of securities	Person entitled to be registered as holder (8)	Class and number of securities (ordinary interests unless otherwise specified)
Westfield Management Limited and Westfield Holdings Limited	Baincor Nominees Pty Limited	Baincor Nominees Pty Limited	122.463.324
Westfield Management Limited and Westfield Holdings Limited	eCapital Nominees Pty Limited	eCapital Nominees Pty Limited	9.292.316

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
Westfield Management Limited and Westfield Holdings Limited	Refer to Annexure B	\$483,637,402.20		131.755.640

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
Each of the persons listed in Annexure A		Each entity within the Westfield Group is deemed to be an associate of
		each other (section 12 Corporations Act 2001)

7. Addresses

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

Name	Address
Westfield Management Limited as responsible entity of Westfield Trust	c/- Level 24, Westfield Towers 100 William Street Sydney NSW 2011
Each of the persons listed in Annexure A	c/- Level 24 , Westfield Towers 100 William Street Sydney NSW 2011
Baincor Nominees Pty Limited	c/- Deutsche Bank, Level 18, 225 George Street, Sydney NSW 2000
eCapital Nominees Pty Limited	GPO Box 3804, Sydney NSW 2001

Signature

print name	Simon Tuxen	Capacity Company Secretary
sign here		date 22/11/2004
	N D

This is Annexure A of 3 pages referred to in the Form 603 Notice of Initial substantial holder dated 22/11/04

THE WESTFIELD GROUP

Entities Incorporated in Australia

Adurant Pty Limited A.C.N. 003 155 628

• Alphen Pty Limited A.C.N. 052 136 348
• Annsa Pty Ltd A.C.N. 093 890 236
• Bobian Pty Limited A.C.N 100 435 578
• Cavemont Pty Limited A.C.N. 090 008 601
• Descon Invest Pty Limited A.C.N. 101 292 442
• Croissy Pty Ltd A.C.N. 002 863 523
• Gaural Pty Ltd A.C.N. 003 101 924
• Greissen Limited A.C.N. 003 293 534
• Lourens Pty Limited A.C.N. 076 681 797
• Lycus Pty Limited A.C.N. 002 253 161
• Marchet Limited A.C.N. 008 625 250
• Nauthiz Pty Ltd A.C.N. 003 087 661
• Orta Pty Limited A.C.N. 008 617 810
• Parliv Pty Limited A.C.N. 056 002 558
• Regional Shopping Centre Nominees Pty Limited A.C.N. 050 044 785
• Risemond Pty Limited A.C.N. 093 719 852
• Samel Pty Limited A.C.N. 008 620 586
• Titania Services Pty Ltd A.C.N. 010 746 273
• Variscite Pty Ltd A.C.N. 003 089 905
• Westfield Alliances (NZ) Pty Limited A.C.N 100 759 126
• Westfield Alliances Carindale Pty Limited A.C.N 098 563 252
• Westfield Alliances Pty Limited A.C.N 098 357 521
• Westfield America Management Limited A.C.N. 072 780 619
• Westfield American Investments Pty Limited A.C.N. 003 161 475
• Westfield Capital Assets Pty Limited A.C.N. 003 146 307
• Westfield Capital Corporation Finance Pty Limited A.C.N. 003 077 816
• Westfield Capital Corporation Limited A.C.N. 008 589 384
• Westfield Capital Financial Services Limited A.C.N. 008 618 166
• Westfield Custodian Pty Limited A.C.N. 098 698 652
• Westfield Design and Construction Pty Limited A.C.N. 000 267 265
• Westfield Developments Pty Ltd A.C.N. 001 134 676
• Westfield European Investments Pty Ltd A.C.N. 003 727 651
• Westfield Finance (Aust) Limited A.C.N. 093 642 865
• Westfield Funds Management Limited A.C.N. 003 613 410

Westfield Holdings Limited A.C.N. 001 671 496 Westfield Internet Shoppingtown Pty Limited A.C.N. 078 618 201 Westfield Limited A.C.N. 000 317 279 Westfield Management Limited A.C.N. 001 670 579 Westfield No. 1 Pty Limited A.C.N. 098 357 558 Westfield No. 4 Pty Limited A.C.N. 100 458 437 Westfield (Parramatta) Pty Limited A.C.N. 000 856 682 Westfield Projects (Australia) Limited A.C.N. 008 598 409 Westfield Promotion Fund Management Pty Ltd A.C.N. 011 047 215 Westfield Queensland Pty Limited A.C.N. 004 855 878 Westfield R.S.C.F. Management Limited A.C.N. 050 054 245 Westfield Services Ptv Limited A.C.N. 002 861 690 Westfield Shopping Centre Management Co Pty Limited A.C.N. 000 712 710 Westfield Shopping Centre Management Co (A.C.T.) Pty Limited A.C.N. 008 612 002 Westfield Shopping Centre Management Co (Qld.) Pty Limited A.C.N. 010 310 059 Westfield Shopping Centre Management Co (S.A.) Pty Ltd A.C.N. 008 139 580 Westfield Shopping Centre Management Co (Vic.) Pty Limited A.C.N. 007 280 908 Westfield Shoppingtown Carousel Pty Ltd A.C.N. 060 037 621 Westfield U.S. Investments Pty Limited A.C.N. 062 325 786 WestUS Pty Limited A.C.N. 008 588 458 Woodfield Pty Ltd A.C.N. 001 134 685 WRS Pty Ltd A.C.N. 070 100 793 Zed Investments Pty Limited A.C.N. 003 713 362

Entities Incorporated in the United Kingdom

Westfield Shoppingtowns Limited Westfield UK General Partner Limited Westfield UK (Nominee) Limited Westfield Wholesale General Partner Limited Westfield Wholesale (Nominee) Limited

Entities Incorporated in Jersey

Westfield Management Jersey Limited Westfield Management Jersey (Nominee) Limited

Entities Incorporated in the United States

WCMI (Texas), Inc. Westfield Benefit, Inc. Westfield Concession Management, Inc. Westfield Corporation, Inc. Westfield Gift Card Management, Inc. Westfield Project Management Corporation, Inc. Westfield Services, Inc. Westfield Management Acquisition, Inc. Westfield Europe LLC

Entities Incorporated in New Zealand

Westfield Properties (New Zealand) Limited Westfield Leasing (N.Z.) Limited Westfield Shopping Centre Management Co (N.Z.) Limited Westfield (New Zealand) Limited Westfield Finance (NZ) Limited

Entities Incorporated in Malaysia

Westasia Malls Sdn Bhd Westfield Shoppingtowns Corporation Sdn Bhd

Entities Incorporated in Luxembourg

Darmor SA

Entities Incorporated in Singapore

WRMS Pte Ltd

This is Annexure B of 1 page referred to in the Form 603 Noticeof Initial substantial holder dated 22/11/04

Date	Description	Units	Price	Gross Value
02/09/2004	Bght 2750000 GPT @ 3.59	2,750,000	3.5900	9,872,500.00
02/09/2004	Bght 1421028 GPT @ 3.60	1,421,028	3.6000	5,115,700.80
03/09/2004	Bght 1000000 GPT @ 3.58	1,000,000	3.5891	3,589,100.00
07/09/2004	Bght 2000000 GPT @ 3.62	2,000,000	3.6283	7,256,600.00
09/09/2004	Bght 5158502 GPT @ 3.62	5,158,502	3.6200	18,673,777.24
10/09/2004	Bght 250000 GPT @ 3.620	250,000	3.6200	905,000.00
13/09/2004	Bght 730000 GPT @ 3.680	730,000	3.6800	2,686,400.00
14/09/2004	Bght 2948325 GPT @ 3.67	2,948,325	3.6749	10,834,799.54
15/09/2004	Bght 1020460 GPT @ 3.65	1,020,460	3.6500	3,724,679.00
16/09/2004	Bght 2082445 GPT @ 3.66	2,082,445	3.6695	7,641,531.93
17/09/2004	Bght 1351743 GPT @ 3.68	1,351,743	3.6851	4,981,308.13
20/09/2004	Bght 1350000 GPT @ 3.68	1,350,000	3.6800	4,968,000.00
21/09/2004	Bght 41453150 GPT @ 3.6	41,453,150	3.6899	152,957,978.19
24/09/2004	Bght 2000000 GPT @ 3.68	2,000,000	3.6800	7,360,000.00
24/09/2004	Bght 200000 GPT @ 3.680	200,000	3.6800	736,000.00
27/09/2004	Bght 1466236 GPT @ 3.66	1,466,236	3.6690	5,379,619.88
30/09/2004	Bght 4213995 GPT @ 3.69	4,213,995	3.6900	15,549,641.55
01/10/2004	Bght 4150000 GPT @ 3.70	4,150,000	3.7000	15,355,000.00
06/10/2004	Bght 5304855 GPT @ 3.69	5,304,855	3.6992	19,623,719.62
07/10/2004	Bght 537598 GPT @ 3.680	537,598	3.6800	1,978,360.64
08/10/2004	Bght 6566724 GPT @ 3.69	6,566,724	3.6981	24,284,402.02
28/10/2004	Bght 368869 GPT @ 3.700	368,869	3.7000	1,364,815.30
18/11/2004	Bght 17850000 GPT @ 3.647	17,850,000	3.6472	65,102,520.00
18/11/2004	Bght 2500000 GPT @ 3.60	2,500,000	3.6000	9,000,000.00
19/11/2004	Bght 7789394 GPT @ 3.65	7,789,394	3.6499	28,430,509.16
22/11/2004	Bght 6000000 GPT @ 3.6488	6,000,000	3.6488	21,892,800.00
		122,463,324		449,264,763.00
27/10/2004	Bght 6942316 GPT @ 3.700	6,942,316	3.7000	25,686,569.20
11/11/2004	Bght 2350000 GPT @ 3.6962	2,350,000	3.6962	8,686,070.00
		9,292,316		34,372,639.20
Grand Total		131,755,640		483,637,402.20