Johannesburg's Melrose Arch is now fully let.

It started out as a predominantly office node which developed an
increasingly Blue Chip profile as tenants like The Bond Exchange of
SA and StanLib and several professionals - lawyers, architects and
management consultants - moved in.

The entertainment component grew rapidly along Melrose Boulevard and
around Melrose Square. As the number of office workers rose, the
range of lunchtime dining choices expanded - from African at Moyo, to
Turkish at Laila, to café society at JB's Corner, Café Nescafe and
Europa.

Giovanni's Italian restaurant opened in November 2002 as did The Meat
Company, which moved into the restored Old House that overlooks the
Square.

Retail and convenience were the next sectors to grow with tenants
like Levinger's dry cleaners, Postnet, Fedix, Clicks, Autopage
Cellular soon opening.

The entire Melrose/
Waverley node has seen a strong increase in gross rentals for prime
space during 2002, which suggests that the Melrose Arch success is
spinning off to surrounding areas. Industry data show that prime
rentals for the Melrose/Waverley commercial node have shifted from
the R60/sqm level in early 2000, to close to the R90/sqm at the third
quarter of 2002.