Macquarie Goodman Property Trust (“MGP”) is pleased to confirm that the equity raising announced yesterday, to partly fund the acquisition of 11 industrial assets with a total value of $107.2 million, has been fully subscribed. The private placement to institutional and habitual investors raised $96.2 million.

As a result of strong demand from local and offshore investors Macquarie Goodman Group, which had committed to subscribe for its pro-rata share, will receive a reduced allocation. Its cornerstone holding in MGP will reduce from approx 29.3% to 27.5% as a result.

Macquarie Goodman (NZ) Limited Chief Executive Officer John Dakin said, "The benefits of the acquisitions together with an increased development capacity has been strongly endorsed by the investment community and the placement has enabled us to introduce some substantial new investors to MGP's register."

The settlement and allotment of new units is expected to take place on 14 November 2006. The new units will rank pari passu with all other units on issue and will participate equally in all distributions paid after the allotment date.

For further information please contact:

John Dakin
Chief Executive Officer Macquarie Goodman (NZ) Limited
Tel: +64 9 375 6063
Mobile: +64 21 321 541