GPT GROUP — Regulatory Filings 2005

Jul 31, 2005

GPT

The GPT Group ASX Announcement & Media Release

GPT EXPANDS PRESENCE AT HOMEBUSH BAY

1 August 2005

GPT today announced the exchange of contracts for purchase of 5 Figtree Drive, Sydney Olympic Park, at Homebush Bay. The acquisition expands GPT's exposure to this precinct, creating a portfolio of assets with the potential for future expansion.

Mr Victor Georos, Industrial & Business Parks Portfolio Manager for GPT said that the addition of 5 Figtree Drive to GPT's Industrial/Business Parks Portfolio created a strong presence in the Homebush Bay precinct. GPT is acquiring the building for \$19.0 million (excluding acquisition costs) with an initial yield of 7.5%.

"Since acquiring our first asset, Quad 1, in July 2001 we have progressively built a quality portfolio through acquisition and development in what has become a vibrant business park precinct." The acquisition will increase GPT's investment in the Park to over \$110 million.

"Combined with the adjoining sites at 7 Figtree Drive and 8 Herb Elliot Avenue, GPT will control a significant consolidated parcel of land in excess of 31,000 sqm with the potential for a future commercial redevelopment with a value estimated to be approximately \$400 million," Mr Georos said.

The site is located in close proximity to the new 23,000 sqm campus style office building being constructed for the Commonwealth Bank, and will benefit from the additional retail mix to be provided as part of the development.

"The decision by the Commonwealth Bank to commit to the precinct gives us great confidence for the potential of our sites and provides strong support to our investment strategy. This acquisition is a logical extension of our development pipeline in the precinct which includes the development of the fourth and final stage of the Quad (which has been submitted for DA approval to SOPA) and redevelopment potential at the adjoining 25,000 sqm Samsung site," Mr Georos said.

5 Figtree Drive consists of 12,900 sqm of general commercial land which is subject to a 99-year ground lease expiring in January 2088 from the Sydney Olympic Park Authority (SOPA). The rental for the ground lease is a nominal \$1 per annum.

GPT is acquiring the building, which consists of a 9,000 sqm office and warehouse facility with parking for 145 cars, from ACER Computer Australia Pty Ltd (ACER). ACER will lease the building from GPT for a period from settlement of 4 years. The lease includes annual rental increases.

With the potential for significant campus style redevelopment in the longer term, the acquisition is consistent with GPT's strategy to build an Industrial & Business Park Portfolio which is attractive to quality tenants. Recent lease pre-commitments to Coles Myer and Labelmakers at Somerton in Victoria and the addition of this site to the existing expansion potential at Olympic Park provide a strong base for further growth of the portfolio through development in line with tenant demand.

ENDS

For further information please contact: Victor Georos Industrial & Business Parks Portfolio Manager 0412 365 906

Donna Byrne Investor Relations Manager 0401 711 542