History of Completed Property Funds

Acquired for the GPF No. 4 Fund in July 2003 for $7 million. Purchased as a value-add investment by increasing tenancy income. The property is a multi-leased low-rise office and warehouse building located in Tuggerah Business Park. Strata approval has been granted, providing another exit strategy.

Acquired for the Grosvenor No. 21 Opportunity Fund in November 2004 for $11 million. A multi-leased seven level office building, purchased as a value-add investment through strata sub-division. The refurbishment, strata sub-division and sell down of the building has been fully completed.

Acquired in March 2006 in a joint venture for $22 million by GDI and $6.5 million by GDI No. 25. This building provides 11 floors of office accommodation, located in the core of Perth's CBD. Purchased as a value-add investment in a strongly rising rental market. The refurbishment and strata sub-division of the building has been completed and over 60% has been sold to date.

Acquired for the GDI No.19 Fund in April 2004 for $8.75 million. The property is a modern, multitenanted, four level free-standing office building with one level of car parking. Purchased as a value-add investment through strata sub-division. The property has been strata titled and most floors re-imaged. As at July 2008 over $3 million in sales had occurred.

Acquired for the GDI No.17 Fund in January 2004 for $7.1 million. The property comprised a brand new office development leased to the NAB in Southport on the Gold Coast. Purchased as a steady income play in a strongly rising rental market. The property was sold in April 2008 for $10.54 million, locking in a strong total return performance over 4.5 years.

Acquired for the GPF No. 3 Fund in March 2003 for $11.5 million. A modern commercial and retail office building, centrally located to transport and opposite the Westfield Shopping Centre. Purchased as an income growth investment and a possible strata sub-division. The property was sold in February 2008 for $14.45 million.

Acquired for the GDI No. 22 Fund in March 2005 for $3.7 million. The property is a modern, multi-tenanted, four level free-standing building with two levels of basement car parking. Purchased as a value-add investment by way of rental improvement. The property was sold in September 2007 for $7.3 million.

Acquired for the GDI No. 22 Fund in March 2005 for $3.35 million. The property is a modern, multi-occupied, five level free-standing building with two levels of basement car parking. Purchased as a value-add investment through strata sub-division. GDI strata titled the property and sold 100% of the strata over 2.5 years for a gross realisation of $5.75 million.

A Non-performing supermarket space purchased in November 2000 and converted to premium offices. The offices were strata titled and totally refurbished. They were subsequently sold down in strata lots generating an IRR of 133% per annum on equity invested.

Acquired for the GDI No. 2 Fund in September 2000 for $6 million. A single tenanted office building, purchased as a property income investment. The property was sold in August 2006 for $8.1 million.

Acquired for the GDI No. 1 Fund in February 1999 for $3.95 million. The property comprised a modern commercial office building over four levels. The property was held for 3.5 years and was subsequently sold in 2003 in one line for $6.26 million.