GPT GROUP — Investor Presentation 2015

Mar 23, 2015

GPT ASSET TOUR SYDNEY & MELBOURNE

Contents

Sydney – 24 Mar ch 2015	03
Agenda	04
Australian Office Overview	05
MLC Centre Repositioning and Redevelopment	18
Asset Tour	35
• MLC Centre	37
• Liberty Place	38
• Citigroup Centre	39
Logistics Development	42
Asset Tour
• Erskine Park	58
• Sydney Olympic Park	59
Melbour ne – 25 Mar ch 2015	64
Agenda	65
Australian Office Overview	66
Asset Tour	71
• 150 Collins Street	73
• 8 Exhibition Street	74
• CBW	75
• 2 Southbank Boulevard	76
Notes	77
Contacts	79

SYDNEY SYDNEY 24 march 2015

Agenda Sydney – 24 March 2015

9.00am

Welcome

Michael Cameron CEO and Managing Director

9.10am

Australian Office Overview

David Burgess Head of Investment, Office and Logistics

Callum Bramah Head of Research

Charlotte Stratton National Director, Office Leasing

MLC Centre repositioning and redevelopment

David Burgess Head of Investment, Office and Logistics

Greg Holman Associate, Harry Seidler & Associates

Andrea Roberts Divisional Director, Office Chair, Martin Place Owners Group

10.00am

Walking tour of Sydney CBD

• MLC Centre
• Liberty Place
• Citigroup Centre

David Burgess Head of Investment, Office and Logistics

Chris Davis Head of Commercial, Office and Logistics

11.00am

Transport to Erskine Park

FLIGHT TO MELBOURNE Logistics Development

John Thomas Head of Development, Logistics & Business Parks

David Burgess Head of Investment, Office and Logistics

Tour of Erskine Park

• TNT Express
• Rand development
• RRM development

John Thomas Head of Development, Logistics & Business Parks

Sam Vincent Assistant Portfolio Manager, Logistics

12.45pm

Tour of Sydney Olympic Park

• Quad Business Park
• 5 Murray Rose
• 3 Murray Rose development

John Thomas

Head of Development, Logistics & Business Parks

2.00pm

Transport to Sydney Airport

6

Strong portfolio metrics

	DECEMBER 2013	DECEMBER 2014
OCCUPANCY Including Heads of Agreement	90.6%	93.9%
WALE By income	5.8 years	6.3 years
CAPITALISATION RATE Weighted average	6.72%	6.41%
OFFICE NLA 100% interest	1,015,600 sqm	1,193,700 sqm

	,我们也不能会在这里,我们的人们就会在这里,我们的人们就会在这里,我们的人们就会在这里,我们的人们就会在这里,我们的人们就会在这里,我们的人们就会在这里,我们的
	,我们也不会有什么。""我们的人,我们也不会有什么?""我们的人,我们也不会有什么?""我们的人,我们也不会有什么?""我们的人,我们也不会有什么?""我们的人
1980 - Andrea Stadt Britain, amerikansk politik (* 1908)

PORTFOLIO POSITIONING

Portfolio repositioned with growth momentum

Well positioned for future performance with a low expiry profile.

PORTFOLIO POSITIONING

88% of portfolio in the best performing markets

MARKET OUTLOOK

Recovery in demand drivers a theme

Australian economic growth expected to moderate slightly in 2015

• Growth for Australia in 2015 has been downgraded.
• Australia experienced a relatively shallow downturn and is recording a slow economic recovery.
• The US is leading the global economic recovery.
• Corporate profit growth margin expansion via cost-out rather than topline growth.
• M&A is expected to increase to take advantage of a low cost of capital and support weak organic growth.
• Recovering fertility rates and the age structure of migrants are moderating the impact of an ageing population.

Australian property capital values are mid-to-late cycle

• Returns will moderate in 2015.
• Capitalisation rates have normalised and asset specific income fundamentals will become a more important driver.
• ANREV Asia-Pacific investors surveyed rank: Australian office #2 and Australian retail #10.
• Capital values will increase driven by income growth and further capitalisation rate compression.
• Debate around hurdle rates has increased fuelled by low bond yields, weak inflation and an ageing population.
• Valuations may not reflect the implied 'low growth for longer'.
• Corporate profit growth driven by costout will lead to continued pressure on rents.

Office cyclical recovery continues

• Office markets have followed a typical albeit weak cyclical recovery.
• Lead indicators improved 12-18 months ago, lease enquiry picked up 6-12 months ago and now deals are being done.
• The leverage of Sydney and Melbourne to financial services, business services and property has driven a recovery ahead of Brisbane and Perth which are weighed down by resources and mining services.
• 'Consensus' forecast rent revisions have moved through an inflection point from downgrades to upgrades in Sydney, Melbourne and Brisbane.
• Capitalisation rates are below mid-cycle albeit still ~50bps above the cyclical trough.

¹⁰ AUSTRALIAN PROPERTY

Australia remains an attractive market for investment

ACTIVE LEASE REQUIREMENTS

Increased leasing activity

2014 LEASING SUCCESS

Themes and trends

TENANT RETENTION KING & WOOD MALLESONS		IAG DARLING PARK 2, SYDNEY 33,000 SQM	MULTI-SITE CONSOLIDATION
FARRER PLACE, SYDNEY		RABOBANK DARLING PARK	RESPONSIVE TO MARKETS
10,400 SQM	SPARKE	3, SYDNEY 9,100 SQM	CORRS CHAMBERS WESTGARTH
FLIGHT TO QUALITY	HELMORE MLC CENTRE, SYDNEY 5,000 SQM	FORWARD SOLVING EXPIRIES	ONE ONE ONE EAGLE STREET, BRISBANE 5,900 SQM

12

ENHANCING DECISION MAKING

Top Down Bottom Up

OUTPUTS

• Sector tilts
• Hold / buy / sell recommendation
• Alternative uses of capital
• Capital management
• Fund stakes
• New funds and revenue streams
• Development / refurbishments

17

MLC CENTRE The centre of Sydney

MLC CENTRE

Repositioning projects on track

Information as at GPT 2014 Interim Result.

LEASING SUCCESS

Strong leasing momentum

Successful Leasing

• − 23,000 sqm of leasing completed in 2014
• − Occupancy increased from 64% to 85%1
• − 64% of former Freehills space leased
• − Uncommitted vacancy of 9,861 sqm

Tower Works

• − \$26 million forecast costs related to floor refurbishments (\$15 million spent to end 2014)
• − Lift works to commence in 2015
• − Floor refurbishments complete to base build

Building Attributes

• − 5 star NABERS rating

• − 70% premium grade building services

• Includes Heads of Agreement.

¹⁸ STAGE 1: FOOD COURT / EOT

Best in class amenities

• Refurbished food court 14 new operators, high quality fast and slow dining options, new amenities and parents room
• Basement supermarket offering 1,100 sqm opening September 2015
• Largest End of Trip (EOT) facility in Sydney 196 bike racks, 318 lockers, 26 showers
• \$7.5 million forecast cost with completion by mid 2015

STAGE 2: RETAIL

Redevelopment of Podium and Plaza

• New King and Castlereagh Street luxury retail rejuvenating Luxury retail on Castlereagh Street
• Enhanced theatre offering new international theatre operator
• Multi level food & beverage offerings over plaza creating a Sydney destination
• Lobby refurbishment with new Castlereagh Street entrance lobby café on Level 8
• DA lodged 2H14 with \$75 million forecast cost, target development margin of 10%

STAGE 2: PLAZA AND MARTIN PLACE FRONTAGE

STAGE 2: KING STREET FRONTAGE

Notes

21

STAGE 2: LUXURY RETAIL – KING/CASTLEREAGH STREET

STAGE 2: NEW LOBBY ENTRANCE

Notes

26

STAGE 2: LOBBY ACTIVATION

STAGE 2: SITE PLAN ²⁶

MARTIN PLACE OWNERS GROUP

Instigated and Chaired by GPT

abacus property group	cbus property	Charter Hall	DEXUS PROPERTY GROUP
14 Martin Place abacusproperty.com.au	5 Martin Place cousproperty com au	1 Martin Place charterhall com au	5 Martin Place & 39 Martin Place desus.com
The GPT Group	GWYNVILL GROUP	INVESTA*
19 Martin Place gpt.com au	44 Martin Place & 60 Martin Place	60 Martin Place & 126 Phillip Street investa com au	1 Martin Place & Food Court + Hotel lpoh com au

Notes

30

MPOG OBJECTIVES What are we about?

• GPT formed the group in 2012.
• To drive innovative urban design solutions which facilitate commercial office development of quality, size and scale.
• To represent the interests of owners of office buildings located on and adjacent to Martin Place as a single voice.
• Meet regularly and develop effective relationships with key City of Sydney personnel.

MPOG OBJECTIVES

What has been achieved?

• Commissioned work on potential urban design solutions for the 5 blocks
• Conducted by Crone & Partners, Hassell Architects and Professor Peter Webber
• Strong engagement with key Council Executives, particularly the CEO – Monica Barone
• Working in tandem with PCA and Committee for Sydney
• Provided first year seed funding for Vivid Sydney

WORKING WITH THE CITY OF SYDNEY - WHAT'S NEXT?

• The City of Sydney have established City North Domain Plan project within the Design group of Council
• This team are working toward a Master Plan and MPOG are participating in this process
• Short term: New furniture including flexible furniture / lighting / events / ground plane activation / trees
• Long term: New station entries / topography / de-cluttering of kiosks / new fountain
• The project team are aiming to have a final scheme ready mid 2015

GPT's sydney cbd office assets

The MLC centre dominates the Sydney skyline, and is located in the core of the Sydney CBD, bordered by Martin Place, Castlereagh and King Streets. The centre is in the heart of Sydney's commercial, legal and financial district and comprises a 67 level tower, an extensive retail complex, expansive outdoor areas, car parking and the Theatre Royal. The retail precinct includes a dominant food court and a number of international fashion brands.

The MLC Centre has achieved a 5.0 star NABERS Energy rating and a 4.0 star NABERS Water rating.

KEY METRICS AS AT 31 december 2014

General		Current Valuation
OWNERSHIP INTEREST	50% GPT	Fair Value		\$383.2m
CO-OWNER	QIC (50%)	Cap ital isat ion Rate		6.75%
Acquired (by GPT)	April 1987	Term inal Cap ital isat ion Rate		6.88%
Asset QUALITY	A Grade	Discount Rate		8.50%
Constru ction/Refurbishment	Completed 1978 /	Valuat ion Type		Directors
	Refurbished late 1990s	Income (12 months)		\$19.9m
Property Details		Office Occupancy
Office	67,900 sqm	ACTUAL		64.1%
reta il	5,200 sqm	INC LUDIN G SIGNED LEASES		70.2%
CAR PARKIN G SPACES	297	INC LUDIN G HEADS OF AGREEMENT		85.5%
typical floOR plate	1,250 sqm
Office Tenant Details		Key Tenants
NUMBER OF TENANCI ES	35		AREA (sqm)	EXPIRY DATE
WALE (BY INC OME)	6.7 years	Government - NSW	5,000	March 2016
		Tresscox Lawyers	4,140	August 2022

SUSTAINABILITY LEASE EXPIRY PROFILE

Recycling rate of

0%

20%

40%

60%

80%

By Income

2%

Liberty Place is a new Premium Grade office complex in the heart of the Sydney CBD comprising ANZ Tower, Legion House, 167 Castlereagh Street, an outdoor retail plaza and a car park. The 42 level ANZ Tower features unrivalled harbour and city views and incorporates a dual street frontage, connecting Castlereagh and Pitt Streets.

The asset has achieved a 6 star Green Star rating for Office Design and has a 5.0 star NABERS Energy rating. Liberty Place has been awarded the Heritage Award at the 2013 API NSW Excellence in Property Awards and in 2014 was awarded 'Best Building' in the Office category at the World Architecture Festival in Singapore.

KEY METRICS AS AT 31 december 2014

General		Current Valuation
OWNERSHIP INTEREST	50% GWOF	Fair Value		\$480.0m
CO-OWNERS	LaSalle Investment Management (25%)	Cap ital isat ion Rate		5.75%
Acquired (by GWOF)	ISPT (25%) April 2010	Term inal Cap ital isat ion Rate Discount Rate		6.00% 7.75%
Asset QUALITY	Premium Grade	Valuat ion Type		External
Constru ction/Refurbishment	Completed 2013
Property Details		Office Occupancy
Office	56,400 sqm	ACTUAL		100.0%1
reta il	2,900 sqm	INC LUDIN G SIGNED LEASES		100.0%1
CAR PARKIN G SPACES	143	INC LUDIN G HEADS OF AGREEMENT		100.0%1
typical floOR plate	1,625 sqm
Office Tenant Details		Key Tenants
NUMBER OF TENANCI ES	7		AREA (sqm)	EXPIRY DATE
WALE (BY INC OME)	10.4 years1	ANZ Banking Group Herbert Smith Freehills	28,400 19,970	June 2028 June 2023

SUSTAINABILITY LEASE EXPIRY PROFILE

0%

20%

40%

60%

80%

100%

The Citigroup Centre at 2 Park Street is a landmark Premium Grade office building located on the corner of George and Park Streets, Sydney. Completed in 2000, the 47 level building has large, highly efficient floor plates and upper levels that command panoramic city and harbour views. The asset features a four level retail podium connected to Town Hall Station, offering easy access to public transport to all areas of the Sydney CBD.

Citigroup Centre has achieved a 5.0 star NABERS Energy rating and a 3.5 star NABERS Water rating.

KEY METRICS AS AT 31 december 2014

General		Current Valuation
OWNERSHIP INTEREST	50% GPT	Fair Value		\$432.5m
CO-OWNER	Charter Hall Office Trust (50%)	Cap ital isat ion Rate		6.25%
Acquired (by GPT)	December 2001	Term inal Cap ital isat ion Rate		6.50%
Asset QUALITY	Premium Grade	Discount Rate		8.00%
Constru ction/Refurbishment	Completed 2000	Valuat ion Type		External
		Income (12 months)		\$26.7m
Property Details		Office Occupancy
Office	73,200 sqm	ACTUAL		89.5%
reta il	500 sqm	INC LUDIN G SIGNED LEASES		89.7%
CAR PARKIN G SPACES	284	INC LUDIN G HEADS OF AGREEMENT		90.5%
typical floOR plate	1,770 sqm
Office Tenant Details		Key Tenants
NUMBER OF TENANCI ES	35		AREA (sqm)	EXPIRY DATE
WALE (BY INC OME)	6.5 years	Citibank Limited	15,030	July 2024
		Gilbert + Tobin	9,280	June 2016

SUSTAINABILITY LEASE EXPIRY PROFILE

8%

By Income

1% 8%

10%

6%

27%

10%

Notes

Logistics Development 24 March 2015

LOGISTICS PORTFOLIO

Benefitting from recent growth strategy

Total Portfolio Return 12.7% \$80m value creation DEVELOPMENT Delivering on activation of existing land banks Completed \$181m of new product Development profit \$46.7m Replenishing land banks (Wacol, Brisbane) \$44m \$101m invested in land bank \$440m future pipeline INVESTMENT Recent acquisitions driving outperformance Cap rate compression from 8.33% to 7.72% Portfolio quality improving with inclusion of new assets WALE increased to 6.2 years Active management across portfolio

Toll NQX, Karawatha, QLD TNT Express, Erskine Park, NSW RAND and RRM, Erskine Park, NSW ²

LOGISTICS

Strong focus on key areas of business

ENHANCEMENTS

Adding value to existing assets within the portfolio

DEVELOPMENTS

Adding scale to the portfolio with experienced development team

ACTIVE

Maximising value at right point in the cycle Acquiring in the right market at the right time Selling to maximise value

Sydney Olympic Park Town Centre, NSW Metroplex, Wacol, QLD 5 Murray Rose, Sydney Olympic Park, NSW

Notes

3

LOGISTICS

Flexible approach to development

LOGISTICS DEVELOPMENT – SYDNEY

Prime locations in the major logistics hubs

ERSKINE PARK

• 3 assets
• 2 developments underway
• 7.3 hectares of land banks

SYDNEY OLYMPIC PARK

11 assets 0.5 hectares of land banks (4 Murray Rose Avenue)

OTHER SYDNEY ASSETS

11 assets 8.2 hectares of land banks

Other GPT assets

Notes

46

TNT EXPRESS, CONNECT@ERSKINE PARK

Freight sortation and distribution facility

Project Description

The development comprises a raised cross dock facility for the sortation of both international and domestic small parcel freight.

TNT have committed to a 15 year lease (with two further 5 year options) over a 29,740 sqm warehouse area and 1,000 sqm offices and amenities, and 350 car bays.

The warehouse has a raised platform area for computer operated sortation equipment which can sort through 25,000 parcels an hour.

6

TNT EXPRESS, CONNECT@ERSKINE PARK

Freight sortation and distribution facility

RAND TRANSPORT, CONNECT@ERSKINE PARK

Cold-store and distribution facility

Project Description

The cold-store and distribution facility was developed for Rand Transport .

Rand have committed to a 20 year lease (with two further 5 year options) over a 23,757 sqm freezer and ambient warehouse, together with offices, amenities, services buildings and 115 parking bays.

The freezer space is 8,075 sqm with the ambient warehouse space covering 8,102 sqm and has been designed to be converted to a freezer space in the future.

As part of GPT's development works, we have completed the 2MVA high voltage power reticulation to site.

8

RAND TRANSPORT, CONNECT@ERSKINE PARK

Cold-store and distribution facility

Development Program

Development Consent	6 November 2013
Construction Commencement	20 November 2013
Practical Completion	2 February 2015

Notes

9

RRM, CONNECT@ERSKINE PARK

Chilled food processing and manufacturing facility

Project Description

The development comprises of a chilled food processing and manufacturing facility.

RRM has committed to a 20 year lease (with four further 5 year options) over a 20,517 sqm climate controlled and ambient warehouse, together with offices, amenities and services, and 21,623 sqm of external pavements with 250 car bays.

Some of the specialised features of the facility included fully insulated wall panelling, temperature control in main process rooms, services reticulation from suspended gantries, waste vacuum system, food grade standard floor coatings and finishes, and waste treatment plants.

10

RRM, CONNECT@ERSKINE PARK

Chilled food processing and manufacturing facility

Development Program

Development Consent	3 December 2013
Construction Commencement	19 December 2013
Practical Completion Expected	By 30 June 2015

Notes

11

GPT is the dominant land owner in the precinct

3-7 Figtree Drive Quad Business Park

6-8 Herb Elliot Avenue Murray Rose Avenue

SOP TOWN CENTRE SITE 5.2 hectares FSR 3.2:1 Potential mixed use opportunity

4 MURRAY ROSE AVENUE 15,000 sqm campus office building In planning

3 MURRAY ROSE AVENUE 13,300 sqm campus office building Reached completion March 2015

12

Samsung, 3 Murray Rose Avenue – Reached development completion in March 2015

Project Description

3 Murray Rose is a 12,950 sqm office development which completes the second stage of the master planned Murray Rose development at Sydney Olympic Park.

This Grade A office has been 100% leased to Samsung and will act as their Australian headquarters.

The building features a 99kw solar panel roof installation, providing 15-20% of the base building's energy use, contributing significantly to the targeted 5 Star Green design and as built ratings.

Notes

54

13

Samsung, 3 Murray Rose Avenue – Reached development completion in March 2015

Development Program
Development Consent	20 April 2013
Construction Commencement	8 November 2013
Practical Completion	18 March 2015

14

Lion Group, 5 Murray Rose Avenue

Project Description

The award-winning 5 Murray Rose is a 12,900 sqm office building, the first of three commercial developments within Murray Rose development at Sydney Olympic Park.

100% leased to the Lion Group, the building comprises five levels of office, three split levels of underground car parking equating to 231 spaces and 100 sqm of retail space on the ground floor.

The Grade A building features a 130kw solar panel roof installation contributing significantly to the 6 Star Green design and as building ratings.

Notes

15

Lion Group, 5 Murray Rose Avenue

Development Program

Development Consent	October 2010
Construction Commencement	November 2010
Practical Completion	March 2012

16

Connect@Erskine Park is a 27.8 hectare site situated on the corner of Lockwood and Templar Road, Erskine Park. It is located approximately 26 kilometres west of the Parramatta CBD and 46 kilometres west of the Sydney CBD with good access to the major M4 and M7 Motorways junctions.

KEY METRICS AS AT 31 december 2014

General		Current Valuation
OWNERSHIP INTEREST	100%		16-34 Templar	67-75	29-55
ACQUIRED (BY GPT)	May 2008		Road (Goodman Fielder)	Templar Road (Target)	Lockwood Road (TNT Express)
		Fair Value	\$41.0m	\$20.5m	\$77.0m
		Cap ital isat ion Rate	7.00%	7.00%	6.00%
		Term inal Cap ital isat ion Rate	7.25%	7.25%	6.25%
		Discount Rate	9.25%	9.25%	8.00%
		Valuat ion Type	External	External	External

Income (12 months) \$3.5m \$1.7m \$0.2m

Property Details

	16-34 Templar Road (Goodman Fielder)	67-75 Templar Road (Target)	29-55 Lockwood Road (TNT Express)
GLA	15,200 sqm	12,700 sqm	31,500 sqm
SITE AREA	39,700 sqm	22,900 sqm	75,000 sqm
OCCUPANCY	100.0%	100.0%	100.0%
WALE (BY INC OME)	14.5 years	7.1 years	15.0 years

Quad 1 and Quad 4 are part of an integrated office development located at Sydney Olympic Park, close to significant infrastructure and public recreational amenities. Set within a fully landscaped environment the business park is an outstanding example of progressive, environmentally responsible and innovative design. Quad 4 was the first speculative building in Sydney to be designed to Australian Best Practice environmental performance and as a result won the 2009 PCA Industrial & Business Park Award.

The Quad 1 building has achieved 5 stars NABERS Energy and 4.5 stars NABERS Water rating. The Quad 4 building has achieved a 5.5 star NABERS Energy rating and a 5.5 star NABERS Water rating.

KEY METRICS AS AT 31 december 2014

General		Current Valuation
OWNERSHIP INTEREST	100%			Quad 1	Quad 4
ACQUIRED (BY GPT)	June 2001 to March 2003		Fair Value	\$21.4m	\$31.2m
			Cap ital isat ion Rate	8.25%	8.25%
			Term inal Cap ital isat ion Rate	8.75%	8.75%
			Discount Rate	9.50%	9.75%
			Valuat ion Type	Directors	Directors
			Income (12 months)	\$0.8m	\$3.0m
Property Details
	Quad 1	Quad 4
NLA	5,000 sqm	8,100 sqm
SITE AREA	9,400 sqm	8,000 sqm
OCCUPANCY	66.4%	100.0%

1. WALE reflects the future lease (currently at Heads of Agreement).

WALE (BY INCOME) 4.8 years 15.2 years1

Quad 2 is located at Sydney Olympic Park and is set in a parkland environment, with large floorplates, good natural light and a 134 car parking spaces. The site is close to significant infrastructure, public recreational and retail amenities. The Quad 2 building has achieved a 5.5 star NABERS Energy rating and a 6 star NABERS Water rating.

KEY METRICS AS AT 31 december 2014

General		Current Valuation
OWNERSHIP INTEREST	100%	Fair Value	\$24.1m
ACQUIRED (BY GMF)	October 2014	Cap ital isat ion Rate	8.25%
		Term inal Cap ital isat ion Rate	8.50%
		Discount Rate	9.50%
		Valuat ion Type	Directors
Property Details
NLA	5,100 sqm
SITE AREA	7,800 sqm

OCCUPANCY 100.0% WALE (BY INCOME) 4.1 years

Quad 3 is located at Sydney Olympic Park which provides tenants with a unique amenity in an iconic location. The Quad 3 development was completed in July 2004, and has approximately 5,200 sqm of office space over three levels and over 100 car parking spaces. The Quad 3 building has achieved 5 star NABERS Energy rating and a 6 star NABERS Water rating.

KEY METRICS AS AT 31 december 2014

General
OWNERSHIP INTEREST	100%
ACQUIRED (BY GMF)	October 2014

Current Valuation

Fair Value	\$24.9m
Cap ital isat ion Rate	8.25%
Term inal Cap ital isat ion Rate	8.50%
Discount Rate	9.50%
Valuat ion Type	Directors

Property Details

NLA	5,200 sqm
SITE AREA	6,600 sqm
OCCUPANCY	100.0%
WALE (BY INC OME)	3.8 years

Completed in 2012, 5 Murray Rose forms part of the Sydney Olympic Park precinct and is a 12,400 sqm commercial building over five levels, with a 6 Green Star Rating. This is the first stage of GPT's \$200 million Murray Rose Business Park with the masterplan for the site providing a total of 42,700 sqm of campus style business and retail accommodation.

KEY METRICS AS AT 31 december 2014

General		Current Valuation
OWNERSHIP INTEREST	100%	Fair Value	\$74.2m
ACQUIRED (BY GMF)	October 2014	Cap ital isat ion Rate	7.25%
		Term inal Cap ital isat ion Rate	7.50%
		Discount Rate	9.00%
		Valuat ion Type	Directors
Property Details

NLA	12,400 sqm
SITE AREA	3,800 sqm
OCCUPANCY	100.0%
WALE (BY INC OME)	9.3 years

AGENDA Melbourne – 25 March 2015

OFFICE CAPABILITY

Proven capability and expertise

MAXIMISING PORTFOLIO RETURN & VALUE

LEASING APPROACH

Internal leasing team driving performance

CONTINUOUS INNOVATION

Market leading initiatives

Notes

GPT's Melbourne CBD OFFICE ASSETS

655 Collins Street

Collins Street

800/808 Bourke Street

Twenty8 Freshwater Place

Located in the exclusive 'Paris' end of Collins Street , 150 Collins Street is a new A Grade building with Premium Grade services. The development of 150 Collins Street reached completion in November 2014 and features 20,000 sqm of office and retail space over 14 floors. The asset is 64 per cent leased to Westpac Group for 12 years and there is a 24 month rent guarantee from Grocon/APN on the remaining space.

The asset has world leading Environmentally Sustainable Design features that together, will help the building achieve a 6 Star Green Star (version 2 Office design) rating and is targeting a 5 star NABERS energy rating.

KEY METRICS AS AT 31 december 2014

General		Current Valuation
OWNERSHIP INTEREST	100% GWOF	Fair Value		\$167.2m
Acquired (by GWOF)	July 2012	Cap ital isat ion Rate		6.50%
Asset QUALITY	A Grade	Term inal Cap ital isat ion Rate		6.75%
Constru ction/Refurbishment	Completed 2014	Discount Rate		8.50%
		Valuat ion Type		Directors
Property Details		Office Occupancy
Office	19,000 sqm	ACTUAL		100.0%1
reta il	1,000 sqm	INC LUDIN G SIGNED LEASES		100.0%1
CAR PARKIN G SPACES	143	INC LUDIN G HEADS OF AGREEMENT		100.0%1
typical floOR plate	1,520 sqm
Office Tenant Details		Key Tenants
NUMBER OF TENANCI ES	1		AREA (sqm)	EXPIRY DATE
WALE (BY INC OME)	8.3 years1	Westpac Group	12,160	November 2026

By Income

1. Includes rental guarantee. 73

36% 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025+ 64%

Located at the East or 'Paris' end of Melbourne's CBD, 8 Exhibition Street is a 45,000 sqm, 35 level, Premium Grade office tower. Central to public transport and road systems, the building offers views over The Domain, Royal Botanic Gardens, South Bank and further out towards Port Phillip Bay.

Built in 2005, the asset has water and energy efficient systems in place and achieves a 4.5 star NABERS Energy rating and 4 .0 star NABERS Water Rating.

KEY METRICS AS AT 31 december 2014

General		Current Valuation
OWNERSHIP INTEREST	50% GWOF	Fair Value		\$182.0m
CO-OWNER	KREIT (50%)	Cap ital isat ion Rate		6.13%
ACQUIRED (BY GWOF)	April 2013	Term inal Cap ital isat	ion Rate	6.38%
Asset Qual ity	Premium Grade	Discount Rate		8.00%
Constru ction/Refurbishment	Completed 2005	Valuat ion Type		External
Property Details		Office Occupancy
Office	44,600 sqm	ACTUAL		94.5%
reta il	300 sqm	INC LUDIN G SIGNED LEASES		95.5%
CAR PARKIN G SPACES	0	INC LUDIN G HEADS OF AGREEMENT		97.4%
typical floOR plate	1,620 sqm
Office Tenant Details		Key Tenants	AREA (sqm)	EXPIRY DATE
NUMBER OF TENANCI ES	16	EY	16,510	November 2017 /
WALE (BY INC OME)	6.2 years	UBS	4,850	November 2022 November 2025

LEASE EXPIRY PROFILE

	By Income
2015	4%
2016	10%
2017	8%
2018	12%
2019	6%
2020
2021	4%
2022	36%
2023
2024	7%
2025+	13%

CBW is an A Grade office complex located in the core of Melbourne's CBD and comprises a mixed use development incorporating 181 William Street, 550 Bourke Street and Goldsbrough Lane.

181 William Street comprises a 26 level office tower which occupies a prominent position on the north west corner of William Street and Bourke Street. 550 Bourke Street comprises a 19 level office tower located west of 181 William Street and borders Ramsay Lane. Goldsbrough Lane is the retail precinct of the complex and comprises an undercover retail plaza and pathway which provides pedestrian access between the two office towers.

CBW has achieved a 5.0 star NABERS Energy rating, a 5.0 star GreenStar rating and a 4.5 star NABERS Water rating.

KEY METRICS AS AT 31 december 2014

General		Current Valuation
OWNERSHIP INTEREST	50% GPT 50% GWOF	Fair Value		\$609.4m (100% interest)
Acquired	October 2014	Cap ital isat ion Rate		6.50%
Asset Qual ity	A Grade	Term inal Cap ital isat ion Rate		6.75%
Constru ction/Refurbishment	Completed 2009	Discount Rate		8.50%
Property Details		Valuat ion Type		External
Office	76,100 sqm	Office Occupancy
reta il	5,300 sqm	ACTUAL		100.0%
CAR PARKIN G SPACES	413	INC LUDIN G SIGNED LEASES		100.0%
typical floOR plate	1,920sqm - 181 William 1,510sqm - 550 Bourke	INC LUDIN G HEADS OF AGREEMENT		100.0%
Office Tenant Details		Key Tenants
NUMBER OF TENANCI ES	14		AREA (sqm)	EXPIRY DATE
WALE (BY INC OME)	5.1 years	IAG	28,520	June 2020
		Deloitte	19,610	November 2025

By Income
2015 5%
2% 2016
5% 2017
2018
2019 10%
2020 59%
18% 2021
2022
2023
2024
2025+

2 Southbank Boulevard is located on the Southbank of the Yarra River in Melbourne. The A Grade office tower benefits from a piazza which includes a retail area incorporating a café and a supermarket. The asset comprises a 38 storey tower and 8 podium levels comprising approximately 53,500 sqm of office accommodation.

2 Southbank Boulevard has a 4.5 star NABERS Energy rating and a 3.5 star NABERS Water rating.

KEY METRICS AS AT 31 december 2014

General		Current Valuation
OWNERSHIP INTEREST	50% GWOF	Fair Value	\$198.5m
CO-OWNER	Australand (50%)	Cap ital isat ion Rate	6.25%
Acquired (by GWOF)	June 2014	Term inal Cap ital isat ion Rate	6.50%
Asset QUALITY	A Grade	Discount Rate	8.25%
Constru ction/Refurbishment	Completed 2008	Valuat ion Type	Directors
Property Details		Office Occupancy
Office	53,500 sqm	ACTUAL	99.4%
reta il	1,400 sqm	INC LUDIN G SIGNED LEASES	99.4%
CAR PARKIN G SPACES	544	INC LUDIN G HEADS OF AGREEMENT	99.4%
typical floOR plate	1,860 sqm
Office Tenant Details		Key Tenants

NUMBER OF TENANCIES 16 WALE (BY INCOME) 3.8 years

	AREA (sqm)	EXPIRY DATE
PwC	22,970	May 2017
Ausnet Services	8,110	September 2020

LEASE EXPIRY PROFILE

	By Income
2015	8%
2016	2%
2017	43%
2018	2%
2019	12%
2020	26%
2021
2022	4%
2023
2024	3%
2025+

Notes

Notes

GPT Investor Relations Contacts

Brett Ward

Head of Investor Relations +61 2 8239 3536 +61 437 994 451 brett.ward@gpt.com.au

Amanda Caucino

Investor Relations Manager +61 2 8239 3722 +61 428 043 053 amanda.caucino@gpt.com.au

Alice Crowley

Investor Relations Analyst +61 2 8239 3627 +61 407 660 500 alice.crowley@gpt.com.au

Sydney Head Office Level 51 MLC Centre, 19 Martin Place Sydney NSW 2000

Melbourne Office Level 10 Melbourne Central, 211 LaTrobe Street Melbourne VIC 3000

www.gpt.com.au