Delancey and Macquarie Goodman today announce that they have completed the purchase and sale of Delancey's 50% interest in the Hammersmith Embankment joint venture regeneration scheme in West London for a price reflecting a gross asset value of £200 million. Macquarie Goodman acquired its interest in the development through its acquisition of Akeler in November 2006. The JV acquired the project two years ago.

When purchased, the site had detailed planning for a 520,000 sq ft gross pure office scheme that did not maximise the site's exciting potential on the banks of the River Thames. On 9th March 2007 a detailed planning consent was obtained from the London Borough of Hammersmith for a new 615,000 sq ft gross mixed-use, office-led development. The scheme will also provide residential units, extensive retail and caf� accommodation, exhibition space, a riverside park, a new HQ for junior rowing for the Amateur Rowing Association and a new public square at the centre of the development.

In addition, the JV has leased all the vacant space that had been available in the completed phase I building, Waterfront. The last deal comprising 10,000 sq ft of space is under offer at a headline rent of £39 per sq ft, a new rental high for Hammersmith.

Patrick Going, Macquarie Goodman's Development Director for UK Business Parks, commented:

"Our focus on owning, developing and managing business property means that we bring true expertise to all of Hammersmith. We are looking forward to delivering a quality development that will bring significant economic growth to the area. The mixed use development will offer opportunities for businesses wishing to expand or relocate to Hammersmith as well as providing valuable amenities to the local community. We look forward to this flagship development creating a vibrant business and community hub."

Commenting on the sale, Jamie Ritblat, Chairman and Chief Executive of Delancey, said:

"This has been a very happy and constructive joint venture, one of 14 we currently have operating on a variety of investments and developments. Together with our partners we have improved the proposals for this development from something anodyne to one of the most exciting urban regeneration projects in west London. I am delighted that Maquarie Goodman wish to take it on to the construction phase and that our own and their aspirations have been met by this transaction. We have a large London development programme ongoing within our portfolio at the current time and this sale will allow us to focus elsewhere, such as The Rolls Building, 40 Portman Square and the former Dickins & Jones store on Regent Street."

For more information, please contact:

Macquarie Goodman
Charlotte Hart
Tel: +44 (0)20 7072 4238

GCI
Kiersten Zweibaum
Tel: +44 (0)20 7072 4051

Sally Hands
Delancey
Tel: +44 (0)20 7448 1448

Dido Laurimore / Jamie Robertson
Financial Dynamics (for Delancey)
Tel: +44 (0)20 7831 3113

Notes to Editors

Macquarie Goodman notes to editors

1. Macquarie Goodman Group ("Macquarie Goodman") is an integrated industrial property group listed on Australian Stock Exchange. Macquarie Goodman's operations in Australia, New Zealand, Asia, Europe and the United Kingdom encompass property investment, fund management, property development and property services, backed by a dedicated team of 965 property professionals

2. Macquarie Goodman has a market capitalisation of approximately �7.5 billion (A$12.6 billion, latest result as at 31/12/06), making it the largest industrial property group listed on Australian Stock Exchange and one of the largest listed industrial property groups globally

3. In December 2005, Macquarie Goodman acquired Arlington Securities, one of Europe's leading investment management, development and property services businesses operating across the United Kingdom, European and international markets

4. In May 2006, Macquarie Goodman acquired Eurinpro International SA ("Eurinpro"), a leading developer and investor in global, tailor made logistics properties having developed over 1.2 million sqm of warehouse space with a total value of � 850 million for its global customers

4. In November 2006, Macquarie Goodman acquired business park developer Akeler through its £1.8 billion Arlington Business Parks Partnership, making it one of the largest commercial property funds in the UK, with 26 business parks and schemes

Delancey

Delancey is an investment adviser with a reputation for consistently delivering significant returns across a wide spectrum of real estate and asset backed opportunities on behalf of its international investor base.