The R31,7 million sale of properties with a book value of R26,3 million, in four transactions, has simultaneously reduced Growthpoint's office vacancies by more than 13,000m2 (or 2,3%) from 14% to 11,3%.

"Growthpoint is taking advantage of the current 'sellers market', and the associated keen purchaser interest and attractive prices, to optimise its portfolio through the sale of non-core properties," said Norbert Sasse, Executive Director, Growthpoint Properties Limited, managed by Investec Property Group.

"The opportune timing of these disposals allowed Growthpoint to attain a profit on the sale of its Jo'burg CBD properties, which did not conform to the investment criteria of income-generating prime properties offering sustainable returns through long-term, blue chip tenancies," said Sasse.

The proceeds from the sales will be used to further grow Growthpoint's portfolio with properties that meet its stringent investment criteria.

For further information, please contact:

Growthpoint Properties

Norbert Sasse

Tel. 011 286 7306

Cell 083 632 1599

Or

Marketing Concepts

Sandy Davey

Tel. 011 880 2213

Cell 083 453 6668

21 July 2004