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Unitholder’s Approve Expansion Resolution


Unitholder’s Approve Expansion Resolution

22 March 2006

Macquarie Goodman Property Trust (MGP) unitholders have provided a strong vote of confidence in the Directors of Macquarie Goodman (NZ) Limited (MGNZ) voting in favour of all resolutions put forward at a meeting in Auckland today.

The meeting was called following the announcement of MGP’s proposed expansion to total assets of $1 billion through the acquisition of $318.2 million of additional properties from cornerstone Australian investor Macquarie Goodman Group (MGQ), and a major investment in Stage One of the Highbrook Business Park.

Subsequent to the announcement MGP successfully raised $112.7 million through an institutional placement, which took place on March 2 and 3, to partly fund the expansion.

MGNZ Chief Executive Officer John Dakin said the level of support from institutional unitholders was particularly pleasing, “The opportunity to acquire additional high quality assets was viewed as an attractive one by the Directors of MGNZ and we are pleased that unitholders have shown their support for the strategy.

“The meeting provided the opportunity for MGNZ to put its position forward and answer any queries from unitholders. The voting reflects a belief amongst unitholders that the acquisition is in line with the overall strategy of MGP.

“The acquisition will strengthen MGP’s ranking to the second largest listed property trust by market capitalisation and the 23rd largest listed vehicle on the NZX. With the resolutions approved we can now move forward and deliver more value to unitholders.”

ENDS

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