Charter Hall boosts investor returns with the sale of Mulgrave property

Charter Hall has successfully completed the sale of a two-level office building at 271-273 Wellington
Road, Mulgrave Victoria in an off-market transaction. The property achieved a sale price of $6.4 million
on a yield of 8.3%.

The Charter Hall managed modern office building was owned by the East Coast Property Syndication
Trust (CHIF5/ the ‘Trust'). The Trust initially purchased the property in mid 2005 under a development
agreement from the developer with completion in mid 2006.
CEO of Charter Hall Direct Property, Richard Stacker said the sale of the Mulgrave property was in line
with the Trust's strategy to achieve attractive returns for its investors through a combination of rental
income and capital growth.

'The Wellington Road property is situated in a prominent location, with easy access to Melbourne's
major road networks and abundant parking,' Mr Stacker said.
Knight Frank directors Paul Henley and Ken Smirk brokered the sale in an off-market transaction.
Mr Henley said the increased leasing activity in the outer eastern region was generating interest from
investors. 'Strong demand in recent years without additional supply from new developments has
reduced the vacancy rate to single digit figures, after peaking at 13% in late 2008. With no development
activity on the horizon, we expect to see increased pressure on rents and the removal of incentives,' he
said.

Mr Henley added that demand for property in the south eastern suburbs was strong and was assisted
by the proximity of amenities including Brandon Park Shopping Centre, and the IKEA / Harvey Norman
bulky goods development in Westall Road, Clayton, due for completion in late 2011.
Mr Stacker said Charter Hall was also currently looking for investment opportunities for the Direct
Industrial Fund which is set to acquire its fourth asset.
'We're currently positioning our funds to benefit from strength in leasing across office, industrial and
sub-regional retail assets, and will be keeping watch for value buying opportunities that match our
investment mandates,' Mr Stacker concluded.

For further information, please contact:

Richard Stacker
Chief Executive Officer
Charter Hall Direct Property
Tel: +61 2 8295 1011
richard.stacker@charterhall.com.au

Rachel Mornington-West
Senior Communications Manager
Charter Hall Group
Tel: +61 2 8908 4093
rachelm@charterhall.com.au

Rachel Caton
Account Executive
Honner Media
Tel: +61 2 8248 3745 / 0439 872 221
rachel@honnermedia.com.au

About Charter Hall Direct Property:
Charter Hall Direct Property is one of Australia's leading unlisted property fund managers, with approximately $1.2
billion of real estate assets across the commercial, retail and industrial sectors under management as at 30 June
2010. Charter Hall Direct Property, part of Charter Hall Group, has a strong track record, managing unlisted
property funds and syndicates on behalf of investors for more than 10 years.

Charter Hall Group is a leading specialist property funds management and development company, with assets
under management in excess of $10 billion across wholesale, listed and unlisted equity sources