GEO Property Group is a fully integrated property investment and development group, comprising GEO Property Trust (Trust) and GEO Property Group Limited (Company). The Trust was established in July 2003 following the merger of a number of unlisted property trusts, and was subsequently listed on the ASX in November 2003. In March 2006, unit holders of the Trust approved a resolution to form a stapled group by stapling units in the Trust to shares in the Company. In May 2006 the Group announced a proposal to merge with Villa World, a property developer listed on the ASX since 1986, via an off market takeover offer. The merger was completed in October 2006 and the assets of Villa World were consolidated into the Group from 1 October 2006.

The merger significantly enhanced the size of the Group and it now has a vertically and horizontally integrated business focusing on:

• Property Investment
• Communities Development
• Asset and Capital Management

Since merging, the Group has established new business operations in commercial development and asset and capital management. The merger has also strengthened the merged Group business through further earnings diversification, increased scale of operating capabilities, improved growth prospects and the expected realisation of operating synergies. However, property investment earnings are expected to represent the majority of the Group earnings over the medium to long term.