GPT GROUP — Regulatory Filings 2004

Apr 12, 2004

General Property Trust ASX Announcement

GPT Office Portfolio

Leasing Update

13th April 2004

General Property Trust today announced significant leasing activity across the Trust's \$3 billion Office Portfolio for the first quarter of 2004 confirming increased activity in the office sector.

GPT has leased or renewed 40,000 som across the Portfolio and agreed terms for a further 29,000 sqm of space across a range of assets in the major markets of Sydney, Melbourne, and Brisbane.

At the Transit Centre in Brisbane. Telstra has exercised a five vear option over the entire 29,600 sqm of office space, extending the building's 100% office occupancy to September 2009. Also in Brisbane, significant leasing has been undertaken at the Riverside Centre. Binding terms have been agreed with Blake Dawson Waldron (over 5,300 sqm) and Deloitte Services (over 3,500 sqm). In addition, ABN Amro has renewed and extended over 2,700 sqm.

In Sydney, Oroton has leased 2,400 sqm at 179 Elizabeth Street, for a period of 10 years and Singleton Ogilvy Mather has leased a further 2,000 sgm at Darling Park, also for a period of 10 years.

At 1 Farrer Place, also in Sydney, over 1,200 sqm has been leased to Alliance Capital (895 sam) and Posco Steel (330 sam).

Across the Sydney assets terms have been agreed for a further 8,000 sgm of space, including 3,100 sqm at Australia Square.

At Melbourne Central, Accenture has leased a further 700 sqm and Designinc has signed a lease over 1,100 sam for a period of 8 years. Also at Melbourne Central, terms have been agreed over a further 10,500 sqm, removing the majority of vacancy at this asset.

Mr Tony Cope, GPT's Office Portfolio Manager said the increased leasing momentum across the Portfolio in the first three months of the year reinforced that the office markets were beginning to show tangible signs of improvement.

$\mathbf{L}$

"We began to see an improvement in enguiry over the last guarter of 2003, and the leasing we have undertaken so far this year is another positive sign that office markets are beginning to turn around."

"We leased or renewed 47,000 sqm in total over 2003. So far this year, we have already leased or agreed terms over close to 70,000 sqm, significantly in excess of the leasing result for the whole of 2003," Mr Cope said.

The leasing undertaken enhances the Portfolio's solid position, removing the majority of vacancy in the Trust's Melbourne assets and reducing short term vacancy risk across the Portfolio.

ENDS

Enquiries GPT Management Ltd

Tony Cope Office Portfolio Manager 0428 123 040

Donna Byrne Investor Relations Manager 02 9237 5844