Shanghai, 25 January 2005 – Macquarie Global Property Advisors Limited (MGPA), on behalf of Lend Lease Global Properties SICAF, today announced the acquisition of CapitaLand’s 95 per cent interest in Shanghai Xin Mao Property Development Co. Ltd for US$98 million. The company owns Xin Mao Tower (Xin Mao) in the central Puxi district of Shanghai, China.

Xin Mao, which is being developed by CapitaLand of Singapore, is a 20-storey international Grade-A standard office building with a gross floor area of 43,374 sqm and 142 car parking spaces.

The property is situated in a prime location in the Hua Hai Road business district of Puxi, adjacent the Xin Tian Di retail and leisure facility. The area has excellent transport links, and is one of Shanghai’s best working, living and recreational environments. Several expressions of interest have been received from high quality international tenants seeking to lease space in the completed building.

Negotiations between CapitaLand and MGPA regarding Xin Mao commenced in October 2004 and a definitive set of terms were agreed in December 2004). The transaction structure provides for an initial down-payment, with the balance of consideration being paid upon completion of construction and subject to the satisfaction of a number of conditions.

James Quille, Chief Executive Officer of MGPA, said: “On completion Xin Mao Tower will be one of the few truly Grade-A buildings available in Shanghai, and its location next to Xin Tian Di makes it an ideal choice for international tenants seeking the best working environment for their staff.”