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GMT Placement Fully Subscribed

Media Release

14 November, 2007

GMT Placement Fully Subscribed

Goodman Property Trust (“GMT”) has received strong support from local and offshore investors in the institutional bookbuild which closed this morning with the application price set at $1.43 per unit.

The bookbuild incorporated an institutional placement and institutional entitlement offer of over 160 million units raising approximately $229.0 million. The bookbuild was fully subscribed with ASX Listed Goodman Group subscribing for its pro-rata share to retain its cornerstone holding in GMT at 28.14%. The underwrite by Macquarie Bank and UBS, and sub-underwrite of up to $80 million offered by Goodman Group was not utilised for this component of the offer.

The allotment of new units is subject to Unitholder approval at a meeting scheduled to be held on 30 November 2007.

John Dakin, Chief Executive Officer Goodman (NZ) Limited commented, “We’ve had a fantastic endorsement from the investment community raising $229 million in the first stage of a $275 million equity raising. There is real confidence in our business and the strategic direction we have taken with the proposed investment in Highbrook Development Limited.”

A retail entitlement offer and a public offer, at the application price of $1.43 will now be made. An investment statement and prospectus for the retail entitlement offer and public offer will be sent to Unitholders, and will be available to the investing public, on or about 20 November 2007 with a closing date of 14 December 2007.

ENDS

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