The payment of the interim distribution will take place on Tuesday 23 March.

Distributable earnings increased to R209,8 million for the interim period ending December 2003, from R109,6 million for the same period ending December 2002 reflecting the doubling of size of the company after the merger with Primegro Properties Limited effective May 2003.

"Of notable benefit to linked unitholders is the increase in tradability and liquidity of Growthpoint linked units experienced post the merger with Primegro, which was a strategic objective of the merger ," said Norbert Sasse of Growthpoint.

"For the reporting period July to December 2003 approximately 90 million Growthpoint linked units, valued at more than R540 million, traded on the JSE. Tradeability has improved to an average R98 million per month, up from an average of R11 million per month prior to the merger, whilst volumes have increased to an average of 2.6% of total linked units in issue compared to 0.75% before the merger" said Sasse.

Since the merger, Growthpoint has secured two substantial acquisitions, which will be effected during the second-six month period ending 30 June 2004.

These acquisitions include the Investec Bank Limited head offices in Sandton and Cape Town for a total cost of R995 million and the acquisition of the regionally dominant Waterfall Mall in Rustenburg for an amount of R294,6 million. These assets will further enhance Growthpoint's overall high-quality, well-managed property portfolio with a diverse geographical representation and balanced sectoral spread, favouring retail which comprises 63.3% of the portfolio value and includes exposure to 10 dominant/regional shopping centres.

Growthpoint’s total assets after the merger and the acquisitions referred to above, will have increased to in excess of R6.6 billion and its market capitalisation to more than R3.7 billion.

Total borrowings at the close of the six-month period amounted to R1,9 billion, with the full borrowing amount fixed for varying periods and the weighted average interest rate amounting to 12,25%. Growthpoint's debt, including non-interest bearing debt as a percentage of long-term assets is 38,4%.

The combination of Growthpoint's critical mass, increased liquidity, conservative gearing, sustainable and growing income returns and quality physical property portfolio as well as exposure to a portfolio of listed property investments positions Growthpoint within closer reach of attaining its goal of inclusion in the FTSE/JSE Alsi 40 index.

"We are confident that, subject to market conditions remaining stable, Growthpoint’s distribution for the second six-month period should be higher than the distribution for the first six month period and that the total distribution for the year ended 30 June 2004 should therefore be in excess of the 67 cents per linked unit forecast for the full twelve month period at the time of the merger," said Sasse.

Growthpoint is managed by Investec Property Group Limited.

Norbert Sasse

Investec Property Group

011 286 7306

Cell: 083 632 1599

or

Marketing Concepts

Sandy Davey

Tel. 011 880 2213

083 453 6668