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GPT: Unwinds Joint Venture Arrangement at Penrith Plaza

Document date:  Tue 01 Oct 2002
Published:  Tue 01 Oct 2002 16:05:43
Document No:  276408
Document part:  A
Market Flag:  N
Classification:  Other

GENERAL PROPERTY TRUST                        2002-10-01  ASX-SIGNAL-G

HOMEX - Sydney                                                        

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GPT Management Limited, as responsible entity of General Property
Trust, today announced that it had finalised the process of
terminating the ground lease at Penrith Plaza Shopping Centre. This
has resulted in the existing Joint Venture Investment Arrangement
(JVIA) with ANZ Banking Group being dissolved as anticipated under
the terms of that arrangement, giving GPT full entitlement to all
future income from the Centre.

In accordance with the terms of the JVIA, GPT has made a capital
payment to ANZ. The payment is based on a formula that takes into
account the valuation of the Centre at termination less the deposits
that GPT has paid to ANZ since entering into the JVIA. In addition
GPT will make a payment relating to the operating equipment which is
the subject of equipment leases from a syndicate of three financiers.

The total capital outlay will be approximately $120 million. The Year
1 yield on these payments is anticipated to be 9.5%.

Mr Michael O'Brien, Fund Manager for GPT, said he was pleased with
the result.

"Penrith Plaza is GPT's strongest performing retail centre, with
specialty sales per square metre of $9,649 at June this year."

"GPT's investors will now benefit by receiving the full income from
the Centre and from the opportunity to redevelop the Centre to
capitalise on future growth."

For further information please contact:
Michael O'Brien                     Mark Fookes
Fund Manager                        General Manager Retail Investment
(02) 9236 6235                      (02) 9237 5664
0417 691 028                        0412 279 833