Westfield Group announces sale of GPT securities

28 September 2005

Countries: Australia

The Westfield Group (ASX:WDC) confirmed today that it has disposed of its 6.53% holding in the General Property Trust Group (ASX:GPT) for a total gross consideration (before transaction costs) of $518 million. As at 30 June 2005, the Group’s holding in GPT had a book value of $481 million. The average sale price represents $3.93 per GPT security. The majority of the holding was disposed of through a book build arranged by Deutsche Bank and JP Morgan at $3.92 per GPT security. A notice will be lodged with the ASX today confirming that the Westfield Group is no longer a substantial holder in the GPT Group.