2002 Media Releases

Deutsche Industrial Trust (DIT) has delivered standout performance for the 12 months to 30 June 2002 with a number one ranking in the industrial LPT sub-sector*, delivering a 28.9% return**. The total return for the Trust is also second highest in the S&P/ASX Property 200 Accumulation Index. In addition, the Trust’s total return for the 2002 financial year is almost 8%* ahead of the industrial index.

DIT’s result has also outperformed the UBS Warburg Industrial sub-sector index over the past 2, 3 and 4 years to 30 June.

Mr Ben Lehmann, General Manager of DIT said he was extremely pleased with the performance of the Trust in the equity markets. He said “The sustained improvement in the Trust's unit price in part reflects the continued success on the asset management front, particularly tenant retentions, and also the acquisition of the landmark asset Foundation Macquarie Park Trust."

New leases/tenant retentions

Since late March this year, DIT has secured more than 38,000 sq metres of leases with key existing and new tenants, constituting 7.2% of the Trust’s portfolio by area.

In commenting on the recent leasing deals, Mr Lehmann said; “These transactions constitute the retention of significant key customers of the Trust and have resulted in a substantial increase in the Trust's weighted average lease duration, as measured by net income, to 4.1 years. The transactions demonstrate the team's continued ability to facilitate solutions for large tenants who often have substantial lead time until expiry. These solutions create long term benefit for both tenants and unitholders."

The leasing deals were spread across New South Wales, Victoria and Queensland and include:

New South Wales

114-120 Old Pittwater Road, Brookvale NSW

Hanimex Pty Limited, has committed to a new 6 year lease from April 2002 over their 11,307m² tenancy including 214 car spaces. The commencing net annual rental for the new term is approximately $1.32 million.

Hanimex Pty Ltd is currently the Trust's tenth largest tenant by contribution to net property income.

2 Minna Close, Belrose NSW

Getronics (Australia) Pty Limited, has signed a new 5 year lease from August 2004 over the North Wing of the building which comprises of 4,741m² of office space and 158 car spaces. Getronics will continue to occupy their existing tenancy until August 2004. The commencing net annual rental for the new tenancy is a minimum of $1.232 million, with a maximum 5% ceiling subject to market conditions at lease commencement. Getronics is a global e-business solutions and service company with annual revenues in excess of A$8 billion.

Getronics (Australia) Pty Limited is currently the Trust's largest tenant by contribution to net property income.

1 Garigal Road, Belrose NSW

Panasonic Australia Pty Limited has signed a new 8 year lease from March 2003 over part of their existing tenancy comprising 7,603m². Their new tenancy is predominantly office accommodation with an adjoining spare parts warehouse. Panasonic will lease 250 car spaces as part of the agreement. The commencing net annual rental is approximately $1.76 million. Panasonic will cease occupancy on the balance of the facility in March 2003, which is currently under offer to an undisclosed tenant for a 6-year term.

Panasonic Australia Pty Limited is currently the Trust's second largest tenant by contribution to net property income.

Rosebery Business Park,1 -15 Rosebery Avenue, Rosebery NSW

IGT Pty Ltd has exercised its option over Units 1 and 2 in the estate comprising 4,496m². The new expiry date for their tenancy is April 2008.

IGT occupies several tenancies within the Rosebery Business Park estate and is currently the Trust's seventh largest tenant by contribution to net property income.

ResTec Pty Limited has signed a new 5 year lease from 1 February 2002 over 471m² in the office tower at $91,890 per annum net. The agreed rental includes two car parking spaces.

Chifley Industrial Estate - 19 Chifley Street, Smithfield NSW

Interspray Commercial Finishes Pty Limited has signed a 3 year lease from March 2002 for 834m² at $66,720 per annum net.

Peachy Print Pty Limited has signed a new 3 year lease from April 2002 for 3 years for 617m² at $49,360 per annum net.

Victoria

6 Koornang Road, Scoresby VIC

ACI Operations Pty Limited has signed a new 10 year lease over the entire 7,519m² facility effective March 2002 at a commencing net annual rental of $432,343.

Queensland

Riverside Corporate Park, 25 Donkin St, West End QLD

Optus Internet Pty Ltd has exercised its two year option over 181m² at the current rent of $36,727 per annum net.

Tcom Australia Pty Ltd has signed a new 3 year lease over 254.6m² at a rental of $53,774 per annum net. The agreement also includes the use of 5 carspaces.

For further information contact:

Ben Lehmann
General Manager, Deutsche Industrial Trust
Phone: (02) 9249 9003
Mobile: 0414 424 420

Kristin Silva / Ainsley Gee
Communications
Phone: (02) 9249 9568/(02) 9249 9904
Mobile: 0416 128 381 (Ainsley)

About Deutsche Industrial Trust

Deutsche Industrial Trust is the third largest listed industrial trust in Australia. ASX: (DIT) Top performing industrial trust in the industrial sub-sector for the 2001/02 financial year*. Its assets are valued at approximately AUD$670 million. The Trust has investments in 37 properties across four of the country’s largest industrial markets (NSW 84%, VIC 4%; WA 3%; QLD 9%), The Trust invests in high quality industrial assets in prime and well established locations across Australia.

*Source: UBS Warburg/Standard & Poors
** Source: IRESS