by Centro Press Release

13 March 2002

Centro Properties Group ("Centro") today announced a major $57 million project for the redevelopment of Whitehorse City shopping centre in the eastern Melbourne suburb of Box Hill.

Mr Andrew Scott, the Chief Executive Officer of Centro said, "This is an exciting project which will provide a significant lift in the retail profile of the whole Box Hill shopping area. A key focus will be the "convenience" for shoppers. Whitehorse City will be transformed into a dynamic retail centre anchored by a new format Coles supermarket, 3 mini-majors and comprise over 60 specialty stores. The total centre will have a gross lettable area of approximately 13,700 square metres, will incorporate car parking for 950 vehicles, and will have links to major transport hubs."

Centro acquired the leasehold to the property last December for a cost of $13 million and recently finalised negotiations with the City of Whitehorse to purchase the freehold for $6 million. Box Hill is a prime suburban business district providing tertiary education, health care and corporate facilities, and is a major transport hub servicing the eastern suburbs of Melbourne. Over the past 12 months, Centro has worked hard to resolve significant property and planning issues to make this project possible.

Mr Scott said, "The 'new' Whitehorse City will feature strong modern design themes consistent with recent Centro development projects such as "Diners Life" and "Fresh Life" at the "Glen" shopping centre in Glen Waverley. The centre will comprise a simple two level shopping arcade with high volumes of natural light, an international food court with both indoor and outdoor dining, as well as a fresh food hall that will link to the latest format full line Coles supermarket. The arcade will have a distinctive entrance and feature innovative shopfronts canopied in glass to enhance the arcade experience."

Whitehorse City has been designed to take advantage of the high commuter traffic generated by Box Hill train and bus stations. Box Hill is the busiest railway station in Melbourne outside the CBD. The extension of the existing Whitehorse Road tramline in September 2002 to Whitehorse City is anticipated to further enhance the ease of access for local and commuter shoppers.

"We expect that the completed development, with an enhanced retail mix and high commuter accessibility, will attract a high percentage of customers from beyond the historical trade area" said Mr Scott.

The development project is expected to be completed by April 2003, and is forecast to provide an income yield of 8.5% on total project cost.

For further information please contact Mr Andrew Scott, Chief Executive Officer, Centro Properties Group on telephone: (03) 8847 0033 or mobile: 0419 548 068.