MIRVAC GROUP — Capital/Financing Update 2005

Jul 19, 2005

20 July 2005

ASX ANNOUNCEMENT

JF MERIDIAN TRUST \$17 MILLION REDEVELOPMENT OF CHESTER SOUARE SHOPPING CENTRE

JF Meridian Management Limited, as responsible entity for JF Meridian Trust (JFM), is pleased to announce that a development application has been lodged with Bankstown City Council for the redevelopment of the Chester Square Shopping Centre, Chester Hill, NSW.

Chester Square Shopping Centre currently comprises a 6.540 square metre convenience base centre currently anchored by a Food for Less supermarket and 28 specialty tenants. The book value of the Centre is \$12.0 million and is held by Trust as mortgagee in possession.

The proposed redevelopment of Chester Square will comprise a new full line supermarket on the vacant land adjacent to the Centre, with negotiations having commenced with Woolworths to secure a new 20 year lease over the new supermarket, provides increased car parking from 231 spaces to 366 car spaces, increases the number of specialty shops on offer from 28 to 30 and includes a major refurbishment and upgrade to the existing Centre.

On completion of the redevelopment, the Centre's gross lettable will increase to approximately 7,900 square metres.

Mirvac Projects will be acting on JFM's behalf with respect to the proposed redevelopment and will be responsible for the project's delivery and leasing arrangements once approval of the development application has been received from Council.

The current development timetable proposes to have the redevelopment completed by December 2006.

Following completion of the redevelopment. JFM proposes to exercise its right as mortgagee in possession and transfer the asset into JFM's core retail investment portfolio.

Mr Tony Pitt, Director-JF Meridian Trust said "JFM has been planning for the redevelopment of the Centre for some time following on the back of the successful redevelopment undertaken at Cherrybrook Shopping Centre late last year. Upon completion of the redevelopment, the centre is forecast to have a value circa \$30 to \$35 million and provide surrounding residents with a greatly improved retail offering."

"JFM will also benefit from the increased cash flow and potential capital value increases as a result of the redevelopment at Chester Square," he said.

For further information, please contact James Fielding Funds Management:

Greg Paramor	Tony Pitt
Managing Director – Mirvac Group	Director – JF Meridian Trust
$(02)$ 9080 8000	$(02)$ 9080 8200

James Fielding Funds Management Limited ABN 78 067 417 663 3F Meridian Management Limited ABN 70 002 060 228 James Fielding Capital Pty Limited ABN 90 107 030 222 James Fielding Infrastructure Pty Limited ABN 15 106 690 171. Hotel Capital Partners Limited ABN 36 076 204 727 Level 5, 40 Miller Street North Sydney NSW 2060 Australia Tel 61 2 9080 8200 Fax 61 2 9080 8149 www.mirvac.com.au