2002 Media Releases

Deutsche Office Trust (ASX: DOT) today announced over 12,000 square metres of new leases across its portfolio, including major deals with Woodside Energy Limited at 240 St Georges Terrace, Perth; Travelex Limited at One Margaret Street in Sydney CBD; and AM Corporation at 15 Bent Street, Sydney.

Woodside Energy Limited, on behalf of Transfield Worley Woodside Alliance, has signed a Heads of Agreement for a new 10 year lease with a 5 year option for approximately 4,286 square metres of space effective from practical completion of 240 St Georges Terrace. The commencement rent is $375 per square metre per annum net with fixed and market rent reviews throughout the term.

Travelex Limited has signed an agreement to lease approximately 2,325 square metres in the newly refurbished One Margaret Street building in Sydney. The lease is effective from 1 May 2003 and is for a period of 10 years and 6 months. In addition, Travelex has also agreed to take signage rights for the building.

AM Corporation has signed a Heads of Agreement to extend their lease term at 15 Bent Street, Sydney, for a further term of 2 years and 3 months over 3,629 square metres commencing 1 April 2004 following expiry of their existing lease.

“The DOT management team continues to focus on core leasing activities to provide income certainty for the portfolio. Since April this year we have secured new leases, lease renewals and extensions totalling over 70,000 square metres of office space resulting in a significant improvement in the lease expiry profile of the Trust from 4.5 years as at 31 December 2001 to 5.6 years,” said Michael Brown, General Manager, Deutsche Office Trust.

According to Mr Brown, discussions continue with a number of parties with an interest in leasing part of the remaining space available at One Margaret Street and the new office development at 240 St Georges Terrace, Perth.

For further information please contact:

Michael Brown
General Manager, Deutsche Office Trust
Phone: (02) 9249 9346
Mobile: 0414 902 601

Ainsley Gee/Melinda Squire
Communications, Deutsche Asset Management
Phone: (02) 9249 9904 / (02) 9249 9154
Mobile: 0416 128 381 (Ainsley)

About Deutsche Office Trust

Deutsche Office Trust is one of the largest listed office trusts in Australia, with total assets valued at approximately AUD$2billion, which is expected to rise in excess of AUD$2.35 billion upon completion of a new premium office project in Perth and the new A-grade office project at Hickson Road in Sydney. With investments in 16 properties across six of the country’s largest office markets (NSW, VIC, ACT and Perth), the Deutsche Office Trust invests in only premium, A and B grade office buildings.