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GPT: Intention to unwind Penrith Plaza Joint Venture

Document date:  Mon 15 Jul 2002
Published:  Mon 15 Jul 2002 11:45:42
Document No:  269002
Document part:  A
Market Flag:  N
Classification:  Progress Report

GENERAL PROPERTY TRUST                        2002-07-15  ASX-SIGNAL-G

HOMEX - Sydney                                                        

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GPT Management Limited, as responsible entity of General Property
Trust, today announced that it had commenced the process of
terminating the ground lease at Penrith Plaza Shopping Centre. This
will result in the existing Joint Venture Investment Arrangement with
ANZ Banking Group being dissolved as anticipated under the terms of
that arrangement. This process is expected to be completed by October
2002. 

A further announcement, regarding the impact of the unwinding on the
Trust, will be made once the commercial terms have been settled.