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Goodman Property Trust to raise $275 million

November 12 2007

Media statement to accompany NZX statement

Goodman Property Trust to raise $275 million to fund
major new investment

Publicly listed Goodman Property Trust (“GMT” or “Trust”) is to raise a minimum of $275 million from a retail and institutional capital raising offer (“Offer”) that will be used to purchase a 50% share of Highbrook Development Limited (“HDL”), the company that owns the balance of Highbrook Business Park in Auckland, and to fund certain developments proposed to be carried out on land already owned by the Trust and future acquisition and development opportunities for the Trust as they arise.

The investments will make Goodman Property Trust the largest listed property trust in New Zealand with an estimated market capitalisation of $1.3 billion, and will mean the likely inclusion of the Trust in the NZX 10 index.

John Dakin, Chief Executive Officer of Goodman (NZ) Limited (the Manager of the Trust), said undertaking this acquisition will have a significant impact on the Trust.

“50% ownership of HDL will have a significant influence on the future direction of Goodman Property Trust, as the Trust becomes part of the continued development, ownership and leasing of what is destined to become one the country’s most significant business parks. This will complement Goodman Property Trust’s existing investment in certain completed developments at Highbrook.”

“Highbrook has the potential to house more than 550,000 sqm of commercial and industrial property, catering for a workforce of between 12 – 15,000 people. It is only 12 minutes from the Auckland central business district, 7 minutes from Manukau’s CBD and 15 minutes from Auckland International Airport. It also has immediate access to the Auckland motorway system.”

“To date, only 34% of available development land at Highbrook has been or is under development, leaving the Trust the opportunity to share in the benefits of a future development pipeline which could last 10 years.”

The price of GMT units in the Offer will be set by an institutional bookbuild, which will close on November 14, with the price being announced at that time. The retail offer will open on November 20. The Offer is fully underwritten at $1.43 per unit.

Goodman Property Trust is expecting its cash distribution for 2009 will increase from 10.1 cents per unit to 10.3 cents per unit as a result of the transaction. Further information can be found in the Investment Statement and Prospectus for Goodman Property Trust dated 12 November 2007.

The acquisition of shares in HDL and the Offer are subject to approval of GMT unitholders which is being sought at a meeting on Friday 30 November, and the acquisition is also subject to receiving necessary approvals under the Overseas Investment Act.

This media release is not an offer of securities for sale in the United States. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the "Securities Act") or an exemption from registration. Neither the entitlements nor the new units to be issued in the offering have been, or will be, registered under the Securities Act.


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