GPT GROUP — Regulatory Filings 2003

Jul 16, 2003

GPT GENERAL PROPERTY TRUST

General Property Trust Stock Exchange Announcement and Media Release

GPT ANNOUNCES FURTHER INDUSTRIAL & BUSINESS PARK ACTIVITY

17 July 2003

GPT today announced the leasing of the remaining vacant space at the Trust's Citiwest Industrial Estate at Altona in Melbourne and plans to expand the Portfolio with the construction of a new facility for Just Jeans at Altona and the commencement of the third stage of the Quad Business Park at Homebush Bay in NSW.

GPT has acquired a 3-hectare site adjacent to the existing Citiwest Industrial Estate and will construct a 12,200 sqm warehouse and office facility on the site for The Just Jeans Group. The site is being acquired from Salta Properties, the developer of the existing estate, and includes 7,000 sqm of surplus land to accommodate future expansion. Salta will construct the Just Jeans facility, which is expected to be complete in late 2003. On completion, Just Jeans will transfer from their current accommodation in the Estate and will take a lease over the new facility for a period of 10 years. Just Jeans will surrender their existing lease at the Estate in February 2004. The development is expected to cost \$7.15 million and to provide a year 1 yield of 8.5% (including surplus land value).

The Estate currently consists of 92,100 sqm of large office/warehouse facilities. Recent leasing at the Estate has resulted in 100% occupancy, positioning the asset well to deliver consistent returns in the current competitive leasing environment. 24-46 Westgate Drive has been leased to Fort Knox Record Management. The lease, which is over 5,300 sqm, is for a term of 6 years. Wesfarmers have also recently leased 4,300 sqm for a period of 5 years.

Mr Victor Georos, GPT's Industrial & Business Parks Portfolio Manager said, "We are very pleased with the positioning of our Melbourne assets, which are now fully leased. The commencement of the Just Jeans facility will further enhance the scale and profile of the estate. creating an estate of over 100,000 sqm with potential for future expansion."

Approvals have also been achieved for the third stage of the Quad Business Park at Homebush Bay in Sydney. The third building will have a total area of 5,400 sqm over three levels and will include 140 parking spaces. Construction will commence in August and is expected to be complete in June 2004. A yield of approximately 9% is expected to be achieved on the total cost of \$16.3 million.

"Consistent with our strategy to expand GPT's quality Industrial and Business Park Portfolio, we have been planning the third stage of the Quad Business Park since the successful development of Quad 2 and believe the current level of enquiry for space in this precinct will provide an opportunity to lease the space in an appropriate timeframe."

"Combined with the first stages of the Park and the existing Samsung facility, on completion of Quad 3, GPT will have a Business Park at Homebush Bay with a total value of close to \$65 million and the potential for further expansion," Mr Georos said.

ENDS

For further information please contact: Victor Georos Industrial & Business Parks Portfolio Manager (02) 9237 5875 0412 365 906

Donna Byrne Investor Relations Manager (02) 9237 5844 0401 711 542