MGP Reports Record Result, New Office Development

Media Release – Macquarie Goodman Property Trust (“MGP”)

MGP Reports Record Result & Commencement of New Office Development

Date: 15 May 2007
Release: Immediate

Macquarie Goodman Property Trust (“MGP”), has reported an after tax profit of $51.8 million for the year ended 31 March 2007, a 47.7% increase on the prior year.

When revaluations to the Trust’s property portfolio are included, the total net profit is $117.8 million, up from $62.9 million last year. Its fourth quarter distribution was also announced and brings the annual gross distribution to 10.20 cents on a normalised basis.

“Under the management of Macquarie Goodman (NZ) Ltd, the last 12 months has seen the Trust grow its business and deliver an impressive operating performance, consistent with expectations,” said Jim McLay, Chairman of MGP’s manager Macquarie Goodman (NZ) Ltd. “With a total return of 40.9%, the Trust has delivered an outstanding investment performance.”

MGP has been very active over the past 12 months with the acquisitions and development programmes adding $204.4 million in assets to the Trust. In addition $82.0 million of non-core assets have been successfully sold with total assets at year end of $1.2 billion.

This year has also seen the Trust diversify its geographic reach, with the addition of a property in Christchurch.

“A clear strategy and proven business model have contributed to a strong operating result in 2007,” said John Dakin, Chief Executive Officer, Macquarie Goodman (NZ) Ltd. “MGP’s unique strategy and increased development capability will ensure the Trust is well positioned to take advantage of a changing property and investment environment into the future.

“This year has also seen acknowledgement by the market of MGP’s position as a leading stock in New Zealand, with entry into the prestigious NZX15 Index,” he said.

Greenlane Office Development

In addition, the Trust has today announced the commencement of a new office development in Greenlane, Auckland.

Further building on the Trust’s extensive development programme, an 8,700sqm office tower will be constructed at Central Park Corporate Centre, Greenlane. The project is expected to complete in November 2008, has a total cost $31.6 million and is expected to provide a yield on cost in excess of 8%.

“Success in our development programme has been an important contributor to the results of the Trust and today’s announcement of a major office development is another step in the growth of the business,” said Dakin.

ENDS

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