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MGP announces new leases and Q1 distribution

11 August 2005

MGP announces new leases and Q1 distribution

Macquarie Goodman Property Trust (MGP) is pleased to announce several new leasing transactions, and the payment of its first quarter distribution in respect of the financial year ending 31 March 2006.

The manager of MGP, Macquarie Goodman (NZ) Limited (MGNZ), said it had made significant progress in securing new leases in recent months. "We have received a strong level of enquiry for space across the wider portfolio," MGNZ chief executive John Dakin said.

MGP's newly completed building at Central Park Corporate Centre is now fully occupied following the decision by call centre operator SalesForce New Zealand Limited to lease the remaining 2,370 square metres at Building 8 for five years. MGP purchased Building 8 in March following its successful proposal to acquire certain interests in properties held by co-ownership partner Macquarie Goodman Group (MGQ).

Mr Dakin said demand for high quality space at its industrial parks was also solid. A new customer had recently been secured at The Gate Industry Park in Penrose, Auckland. Plumbing distributors Crane Distribution have agreed to lease 2,660 square metres of space at the multi-unit development at the park for six years. The remaining 8,860 square metres of this particular development has been underwritten by MGQ for two years post-practical completion.

Other new leases in Auckland include Omni Group, which has taken 148 square metres of space at Kodak Building in Parnell, and First Rescue and Emergency NZ which has leased an additional 424 square metres at Millennium Centre in Greenlane. This takes First Rescue and Emergency NZ's total area to 1,460 square metres at the Millennium Centre with a lease term of six years.

Macquarie Goodman has also successfully renewed leases that were due to expire in recent months. In addition to the recent announcement that MGP expects to enter into an agreement to lease with Frucor to lease approximately 20,100 square metres of space at Auckland Distribution Centre, Ford has advised MGP that it will renew its lease at Auckland Distribution Centre. Ford will renew its 38,300 square metre lease, which includes 36,780 square metres of yard, for another year.

Toll Logistics has also renewed its 8,490 square metre lease at The Gate Industry Park in Penrose for one year. "Macquarie Goodman's ability to attract and retain high priority customers can be attributed to the dedication of our property team," Mr Dakin said.

MGNZ is also pleased to announce its first quarter distribution for the 2006 financial year. Unitholders holding units in MGP as at the record date of 26 August 2005 will receive a distribution of 2.465 cents per unit comprising 2 cents per unit in cash and 0.465 cents per unit in imputation credits. The first quarter distribution, which represents the three months ended 30 June 2005, will be paid on 9 September 2005.

MGNZ would also like to take this opportunity to announce the reinstatement of its Distribution Reinvestment Plan (DRP).

Currently, only New Zealand resident unitholders are eligible to take part in the DRP. However MGNZ, is working towards allowing wholesale clients (for the purposes of the Australian Corporations Act 2001) resident in Australia to participate in the DRP in respect of future distributions. Eligible unitholders who have not received a DRP booklet and application form are invited to contact MGP's Unit Registrar, Computershare, whose contact details are at the end of this release.

ENDS

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