Partnership to Promote MGP’s Asset Base to $1bn

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

Winning Partnership to Promote MGP’s Total Asset Base to $1 billion

Date: 2 March 2006
Release: Immediate

Macquarie Goodman Property Trust is set to propel itself into the number two position in terms of NZX listed property groups by acquiring $318.2 million of additional properties, bringing its total asset base to in excess of $1 billion.

Its latest acquisition initiative involves a continuation of its partnership with its cornerstone Australian investor, Macquarie Goodman Group (“MGQ”), and a major investment in Stage One of the 153 hectare Highbrook Business Park in Auckland.

MGP plans to fund the investment through an institutional placement that will raise $112.7 million, a unit purchase plan, the allotment of approximately $48 million units to MGQ and new debt.

The acquisition includes a portfolio of high quality industrial and business space properties, and the price paid will be based on the value placed on the properties by independent valuers.

If Unitholders approve the acquisition, MGP is projecting annual gross distribution for the year ending 31 March 2007 to increase to 10.2 cents a unit from this year’s projection of 9.86 cents a unit.

Chief Executive Officer John Dakin said the acquisition was in line with MGP’s stated strategy of working with its Australian cornerstone investor to build MGP into the country’s foremost industrial and business space property provider.

“The strength of any listed property trust is owning quality assets leased to quality customers,” said Mr Dakin.

“Through our relationship with MGQ we are adding names such as Air New Zealand, Exel, New Zealand Post and Vodafone to our customer list, and also being presented with the opportunity to acquire an interest in a portfolio of high quality industrial and business space properties.”

“The partnership we have developed with MGQ provides us with a significant advantage, and one that we look forward to developing in the future.”

The acquisition is subject to Unitholder approval, and a meeting to vote on it has been set down for 22 March 2006. Overseas Investment Office approval is also required.

ENDS

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