WESTRALIA PROPERTY TRUST                      2003-01-20  ASX-SIGNAL-G

HOMEX - Perth                                                         

+++++++++++++++++++++++++
ASX MARKET RELEASE

Westralia Property Trust has applied for admission to the official
list of Australian Stock Exchange Limited and for quotation of its
securities. It has been given a provisional ASX code. Provision of an
ASX code and publication of the following information does not mean
that the entity will be admitted or that its securities will be
quoted.

P Ross 
MANAGER COMPANY ANNOUNCEMENTS OFFICE

MORE TO FOLLOW
WESTRALIA PROPERTY TRUST                      2003-01-20  ASX-SIGNAL-G

HOMEX - Perth                                                         

+++++++++++++++++++++++++
LETTER FROM THE CHAIRMAN

Western Australia is a vast State, and one that holds vast
opportunities.

This is a State with a glowing future. Over the past decade, Western
Australia has averaged 5% annual growth, compared to the Australian
average of 2.8%. In addition, it produces 27% of Australia's Gross
Domestic Product.

This growth and strength is assisted by the State's strong
diversification across industries, which should support this constant
growth trend. The mineral and gas sectors continue to perform
strongly and the State's property market seems unlikely to face the
uncertainty currently threatening eastern capitals.

With all of this growth and potential it is surprising that a
significant public, Western Australian based, diversified property
vehicle is not available for public investors. Until now.

This document offers you the opportunity to own a share of a diverse
range of properties across Western Australia, through the Westralia
Property Trust. Investment in the Trust allows you to take advantage
of opportunities normally restricted to large private investment
groups, as the larger listed property trusts invest predominantly in
the eastern seaboard market.

The Trust's aim is to invest in a diversified range of properties
located predominantly in Perth and Western Australia's major regional
export centres. These regional centres are benefiting from urban
renewal projects thanks to State and Federal Government
infrastructure and investment initiatives.

For investors, the Trust offers a regular income, significant tax
advantages and the prospect of long-term capital gains. Please take a
few minutes to study the Product Disclosure Statement and I am sure
you will share my excitement.

On behalf of the directors of Kareelya Investments Limited, I
unreservedly commend this investment to you.

B Jackson
CHAIRMAN

MORE TO FOLLOW
WESTRALIA PROPERTY TRUST                      2003-01-20  ASX-SIGNAL-G

HOMEX - Perth                                                         

+++++++++++++++++++++++++
DETAILS OF THE OFFER

Investors will be investing in a unit trust and they will apply for
Units in the Trust by completing an Application Form and paying their
Application Money to the Custodian.

(1) Kareelya is the responsible entity of the Trust and therefore
performs the day-to-day management of the Trust for the benefit of
Investors.

(2) The Custodian is appointed by Kareelya as its agent to hold the
Portfolio and the other assets of the Trust in its name as custodian
for the Trust.

(3) The Investors are the beneficiaries of Trust and share in the
profits of the Trust in proportion to the number of Units each
Investor holds, compared to the total number of Units on issue.

PURPOSE OF THE OFFER

This Offer is being made to the public and to existing investors in 
some of the other investment entities managed by Kareelya, or its 
associates.

Funds raised under this PDS will be used to:

(a) retire, or reduce, existing Trust debt

(b) increase the number of Investors and ensure the requisite level
of working capital is obtained and maintained in order to meet the
requirements for listing the Trust on the ASX, and

(c) to provide funds to make additional investments.

Units in the Trust are being offered at a price of $0.92 per Unit and
the minimum amount of Application Money you can pay to acquire Units
is $2,000, which equates to 2,174 units.

GROWTH STRATEGY

Kareelya's strategy for the Trust is to firstly achieve listing on
the ASX and then to acquire further property investments in
accordance with the investment criteria explained in Section 3.7.

Kareelya expects the listing of the Trust to have the following
advantages:

(a) The Trust will be a more attractive investment entity for retail
investors than if it were to remain unlisted, because listing will
make their investment more liquid.

(b) Listing the Units also provides a greater degree of flexibility
in negotiating with vendors of property and property securities since
Kareelya will be able to offer Units to those vendors, as well as, or
instead of, cash as consideration for acquiring the property or
securities.

(c) The Trust will have access to the depth of the equity market in
order to fund further expansion and development of its portfolio.

APPLICANTS FROM OTHER KAREELYA INVESTMENTS 

Kareelya is offering a facility whereby investors in a selected
number of other investment entities operated by it may transfer their
investments to the Trust in exchange for Units in the Trust under a
Securities Swap Facility (SSF). This means that Units issued under
this facility will be issued for consideration other than cash.

The SSF will only be offered to existing investors in the Pagoda
Hotel Property Syndicate and to owners of villas in the Broadwater
Beach Resort.

For owners of villas, the SSF will be applied so that owners who wish
to participate will transfer their villas to the Broadwater Busselton
Property Syndicate (BBPS) and the owners will be issued with Units in
the Trust. The Trust will increase its investment in BBPS by an
amount equal to the value of the villas acquired by BBPS.

There is a limit to the total value of investments that can
participate in the SSF. This limit is $1,000,000, however, this limit
also takes into account the oversubscriptions that may be accepted by
Kareelya (see Section 1.6). The combined limit of oversubscriptions
and Applications accepted under the SSF will be limited to
$1,000,000. Applications will be accepted on a first in basis.

The Trust will only acquire interests in other investment entities at
independent valuations, or below, and based on the price of the
Trusts units being 92 cents per unit.

Kareelya will provide a copy of this PDS to those investors who want
to take advantage of this facility, together with a personalised
Application Form. The personalised Application Form will show the
number of Units in the Trust that the Investor is able to acquire by
transferring their existing securities to the Trust.

As is the case with all applications, Kareelya reserves the right to
reject in whole, or in part, any application for Units made under the
SSF at its discretion. Kareelya also cannot give any assurance that
the SSF will be made available on an ongoing basis.

People who make application under the SSF should obtain their own
advice on the merits of swapping their securities for Units in the
Trust. In particular, there are likely to be taxation implications
for those Applicants who will be disposing of one investment and
acquiring Units in the Trust. It should be noted that stamp duty on
the sale of the interests being swapped, or the Units, is payable by
the Investor.

MINIMUM SUBSCRIPTION

The minimum subscription under this PDS is $2,000,000 in cash,
excluding any Units issued as a result of the Securities Swap
Facility. The Offer will not proceed if the minimum subscription is
not reached. If the minimum subscription is not achieved by 4 March
2003, or your application is not accepted, either in part or in full,
or the Offer does not proceed for any other reason, then your
Application Money, together with any interest (less any bank fees)
will be refunded to you.

FUNDS TO BE RAISED

Kareelya intends to raise up to $6,000,000 in cash under this PDS.
Kareelya may accept over subscriptions for up to a further $1,000,000
but only if it considers the additional funds subscribed can be used
by the Trust without diluting the forecast income yield or the value
of Units in the Trust. The amount of oversubscriptions that may be
accepted will be affected by the level of Applications received under
the SSF (see Section 1.4 for more details).

UNDERWRITING

The Offer is not underwritten.

MORE TO FOLLOW
WESTRALIA PROPERTY TRUST                      2003-01-20  ASX-SIGNAL-G

HOMEX - Perth                                                         

+++++++++++++++++++++++++
SUMMARY OF THE OFFER

OFFER DETAILS                                                         
                                                                
Minimum Application Money                                $2,000
(for Applicants paying cash)
 
Additional investments                      Multiples of $1,000
above $2,000

Unit price for this Offer                     92 cents per Unit
                                                              
Distribution frequency                                Quarterly

Units currently on issue at                          13,954,800
the date of this PDS issued
at $1.00 each

DETAILS OF THE OFFER

                                      MINIMUM         MAXIMUM
                                   SUBSCRIPTION    SUBSCRIPTION

Units offered under this PDS          2,173,913       6,521,739

Expected total number of Units 
 on closure of Offer                 16,128,713      20,476,539

Total Investors' equity 
 following closure of Offer         $14,411,094     $18,131,094

SOURCE AND APPLICATION OF FUNDS FROM THIS OFFER

Source of funds:

Cash from Applications               $2,000,000      $6,000,000

Application of funds:

Repay debt                           $1,000,000      $2,847,859

Investment in property or 
 securities                            $285,000      $2,035,000 
Expenses of the Offer                  $255,000        $280,000
Commissions                            $140,000        $420,000
Working Capital                        $320,000        $417,141

Total                                $2,000,000      $6,000,000

Net asset backing at close of Offer:

Cents per unit                         89 cents        89 cents

Value per $1.00 invested 
 under this PDS                        97 cents        97 cents

Notes:

1. The figures in this table assume all applications are received in
cash. If applications are made under the Securities Swap Facility,
then Units in the Trust will be issued so that the net asset backing
of each Unit in the Trust and the forecast distribution yield are not
materially diluted from those disclosed in this PDS.

2. If oversubscriptions are received, then Kareelya will only issue
Units in the Trust if the forecast net asset backing and distribution
yield are not materially diluted from those disclosed in this PDS.

3. The net asset backing per unit calculation takes into
consideration the financial position of all of the Units in the Trust
and not just the Units issued as a result of this Offer. Refer to
Section 4 for details of the forecast financial position of the Trust
following the Offer being filled.

MORE TO FOLLOW
WESTRALIA PROPERTY TRUST                      2003-01-20  ASX-SIGNAL-G

HOMEX - Perth                                                         

+++++++++++++++++++++++++
A full copy of the Disclosure Document is available in PDF format on
www.asx.com.au.  Alternatively it is available for purchase from
ASX Customer Service on 1 300 300 279.

NOTE: An official Disclosure Document from the issuer or its advisers 
is required to formally apply for shares.

News articles provided by http://www.weblink.com.au/