CenterPoint Properties Contracts to Sell $392.7 Million Portfolio of Industrial Assets.

OAK BROOK, Ill. -- CenterPoint Properties Trust (NYSE: CNT) ("the Company") announced today that it has signed a contract to sell a $392.7 million portfolio of industrial assets to a new venture to be created between the Company and the JF US Industrial Trust, a property trust to be listed on the Australian Stock Exchange and managed by James Fielding Funds Management Limited ("James Fielding"), which is part of the Mirvac Group. CenterPoint will retain a 5% promoted interest in the venture and will manage the portfolio for fees. The portfolio contains 41 industrial buildings totaling approximately 10.1 million square feet located in various markets throughout metropolitan Chicago. These assets are representative of the Company's entire portfolio of assets.

The parties have entered into definitive purchase and sale agreements. The sale is scheduled to close in phases over four quarters, in approximately equal amounts each quarter. The first sale is planned to close in the second quarter 2005 with the last sale closing in the first quarter 2006.

The venture will run for an initial period ending three years following the last closing. James Fielding, acting through the venture, will have a right of first offer on additional CenterPoint sales during the term, conditioned on the venture meeting specified acquisition targets. James Fielding can only acquire Chicago properties from CenterPoint, provided the Company offers it a minimum amount of property annually.

CenterPoint expects to redeploy the majority of proceeds into its expanding pipeline of new 'value-added' acquisitions, developments and redevelopments. "This phased sale efficiently and attractively funds our growing pipeline of investment opportunities, while satisfying our asset sales for the balance of 2005 and the first quarter of 2006. CenterPoint has consistently sold stabilized assets to fund higher yielding opportunities, which boosts returns and growth, and this sale would serve the same objectives. The venture does not restrict CenterPoint's investment or leasing activities," stated Michael M. Mullen, Chief Executive Officer of CenterPoint.

Paul Fisher, President & Chief Financial Officer commented, "This new non-competitive relationship with James Fielding complements and lends additional certainty to our recycling of capital. The initial sales and expected future sales to the venture is a pipeline to the Australian capital market, a new and likely continuing source of inexpensive investment capital. Moreover, the Company expects the venture will become a regular counterparty in exchanges of stabilized property for 'value-added' opportunities in its portfolio."

The Company reconfirmed its 2005 earnings guidance and anticipates earnings per share ("EPS") in the range of $1.80 to $2.10 and funds from operations ("FFO") per share in the range of $2.45 to $2.65. For the first quarter 2005, the Company expects to report EPS in the range of $0.42 to $0.52 and FFO per share in the range of $0.59 to $0.63.

Paul Fisher will be presenting at the Credit Suisse First Boston 2005 Real Estate Conference on Thursday, April 7, 2005 at 9:45 a.m. Eastern Time. He will present the Company's corporate strategy and will comment on the above transaction at that time. This presentation will be broadcast live on CenterPoint's website, www.cntprop.com. To access the webcast, just prior to the start of the event, go to www.cntprop.com and click on Investor Relations. Then, click on the webcast title located on the upper left side of the page.

About CenterPoint Properties

CenterPoint is a publicly traded real estate investment trust (REIT) and the largest industrial property company in the 1.4-billion-square-foot Chicago regional market. As of December 31, 2004, the Company owned and operated approximately 39 million square feet and the Company and its affiliates owned or controlled an additional 3,257 acres of land upon which approximately 51 million square feet could be developed. The Company is focused on providing unsurpassed tenant satisfaction and adding value to its shareholders through customer driven management, investment, development and redevelopment of warehouse, distribution, light manufacturing buildings and logistics infrastructure. The first major REIT to focus on the industrial property sector, CenterPoint had a total market capitalization of approximately $3.3 billion as of December 31, 2004.

About James Fielding Funds Management Limited

James Fielding is a wholly owned subsidiary of Mirvac Group. James Fielding is a specialist property and infrastructure funds manager, with more than A$2 billion in funds under management. Mirvac Group is a leading Australian Stock Exchange listed diversified property group with a market capitalization of approximately A$3.7 billion. Mirvac Group is focused on property investment and management, development, hotel management, and funds management. Mirvac Group has more than a A$15 billion in assets under control.

Statements in this release, which are not historical, may be deemed forward-looking statements under federal securities laws. There can be no assurance that future results will be achieved and actual results could differ materially from forecasts and estimates. Factors that could cause actual results to differ materially are general business and economic conditions, completion of pending acquisitions, competitive market conditions, weather, pricing of debt and equity capital markets and other risks inherent in the real estate business. Such factors and others are listed in the Company's Form 10-K and 10-Qs.