Settlement of Acquisition & Allotment of Units

Settlement of Acquisition & Allotment of Units

31 March 2006

Macquarie Goodman Property Trust ("MGP") is pleased to announce that the $318.2 million acquisition ("Acquisition") of certain interests in properties, currently held by ASX-listed Macquarie Goodman Group ("MGQ") and its subsidiaries, has been settled. The Acquisition was approved by MGP's Unitholders at a meeting held on 22 March 2006

Details of the properties being purchased are outlined in the Explanatory Memorandum ("EM") dated 7 March 2006. An Institutional Placement raising $112.7 million partly funded the acquisition.

The consideration paid by MGP to settle the transaction with MGQ was $161.1 million in cash and $48.3 million in MGP units. A further $108.8 million will be paid by MGP to meet deferred settlement obligations and complete developments, as explained in the EM.

The EM contemplated an initial cash payment of $161.4 million, $48.3 million in MGP units and later payments totaling $108.5 million. Final calculations resulted in the initial payment falling by $0.3 million and therefore later payments increasing by the same amount.

Accordingly, MGP is also pleased to advise the NZX of the allotment of the undermentioned securities and requests these securities be listed and quoted on the New Zealand Stock Exchange.

Allotment of Units to MGQ (a) Class of security and ISIN; Macquarie Goodman Property Trust units, ISIN NZCPTE0001S9 (b) Number of Units issued; 40,588,235

(c) Issue price; $1.19 (d) Was payment received in cash; No (e) Amount paid up; Not applicable (f) Percentage of the total class issued; 10.521%

(g) Reason for issue; Part of the consideration paid by MGP to MGQ for the Acquisition. (h) Specific authority for the issue; The Explanatory Memorandum dated 7 March 2006, and clauses 5.1 and 5.3 of the trust deed of MGP

(i) Terms of the issue; The units will rank equally in all respects with the existing units in Macquarie Goodman Property Trust at the date on which they are issued, but will not participate in any distributions declared prior to allotment (j) Total number of units in existence; 426,356,219 after the issue; (k) Are units held as treasury stock; Not applicable (l) Date of the issue; 31 March 2006

Allotment of Units under the Institutional Placement (a) Class of security and ISIN; Macquarie Goodman Property Trust units, ISIN NZCPTE0001S9 (b) Number of Units issued; 97,155,172 (c) Issue price; $1.16 (d) Was payment received in cash; Yes (e) Amount paid up; Not applicable

(f) Percentage of the total class issued; 22.787% of the total units on issue immediately prior to the issue of these new units (g) Reason for issue; Institutional Placement to partly fund the acquisition announced to the NZX on 2 March 2006 (h) Specific authority for the issue; The Explanatory Memorandum dated 7 March 2006, and clauses 5.1 and 5.3 of the trust deed of MGP

(i) Terms of the issue; The units will rank equally in all respects with the existing units in Macquarie Goodman Property Trust at the date on which they are issued, but will not participate in any distributions declared prior to allotment (j) Total number of units in existence; 523,511,391 after the issue (k) Are units held as treasury stock; Not applicable (l) Date of the issue; 31 March 2006

Further to the announcement on 17 November 2005, MGP confirms that the sale of Windsor Court in Parnell for $8.25 million has now been settled.

For further information please contact Macquarie Goodman (NZ) Limited.

ENDS

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