9 December 2005 - Macquarie Global Property Advisors (MGPA), a private equity real estate fund management company, has signed a forward purchase agreement on behalf of MGP Asia Fund II to purchase an A grade retail and residential, mixed use development in Kanazawa (300 kilometres northwest of Tokyo), Japan.

The Fund will acquire the property upon completion (subject to conditions precedent being met), which is scheduled for November 2006.

Kohrinbo will be a 14 level, A grade development consisting of two levels of retail space, with main street frontage, and 12 levels of residential accommodation, consisting of 79 units with an average unit size of 72m² . Kohrinbo will have a gross floor area (GFA) of 8,808m² and be on 1,050m² of land.

MGPA Asia Managing Director Simon Treacy, said ”MGPA will be actively involved in the development of Kohrinbo, overseeing the construction and development management to ensure the project is delivered in accordance with the contractual terms, as well as managing the leasing and marketing programme for this quality investment.”

MGPA intends to market and negotiate leases for the development prior to its completion. “Kohrinbo is in a prime location on a major road where people from surrounding three prefectures come to shop at prestigious brand name stores such as Louis Vuitton, Tiffany and Chanel, all of which are located adjacent to Kohrinbo. There has already been significant interest in the development from a number of high quality international retailers,” said Mr Treacy.

The Kohrinbo address is also a well known and highly desirable area for affluent people from Kanazawa and surrounding areas.