Singapore, 7 May 2008 – Allco (Singapore) Limited (“Manager” or “Allco Singapore”), the manager
of Allco Commercial Real Estate Investment Trust (“Allco REIT”) (SGX: ALLC) today announced that sales agents have been formally appointed to market the public sale of Allco REIT’s interests in Central Park, Perth and Centrelink Headquarters, Canberra (“Australian Properties”).

Central Park, Perth

CB Richard Ellis (C) Pty Limited (“CBRE”) and Jones Lang LaSalle (WA) Pty Limited (“JLL”) have been appointed to sell Allco REIT’s 50.0% indirect interest in Central Park, one of Australia’s premier office towers.

Centrelink Headquarters, Canberra

Also being offered to the market is Centrelink Headquarters in Canberra, which is jointly owned by Allco REIT and Record Realty.

Sale Process

Allco REIT has not yet agreed any terms or entered into any binding arrangements with respect to the sale of the Australian Properties. The terms on which the Australian Properties will be divested will be recommended by the Manager on the basis of achieving the best possible outcome for holders of Allco REIT units (“Unitholders”) and will be subject to all Singapore regulatory requirements, including compliance with the Listing Manual issued by Singapore Exchange Securities Trading Limited (“SGX-ST”) and the Property Funds Guidelines at Appendix 2 to the Code on Collective Investment Schemes issued by the Monetary Authority of Singapore.

Mr Nicholas McGrath, Chief Executive Officer and Managing Director of the Manager said “I am very pleased to appoint a highly skilled and knowledgeable team to assist with the orderly sale process of these high quality assets with a view to achieving the best possible outcome for Unitholders of Allco REIT. Appointment of agents for the divestment of our Australian Properties is the first step in implementing the strategic focus of Allco REIT for 2008: redeployment of capital into Asia.”

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