Investec Property Group is set to develop the R320 million, 42 000m2 Trade Route regional shopping mall in Lenasia, near Johannesburg, in a joint venture with prominent local businessmen Sayed Mia and Ismail Valli. Mr Mia who initiated the development says that he is "extremely delighted that the transaction has finally come to fruition."

Investec Private Bank has secured the funding for the development and construction will begin in early October 2004.

Trade Route is expected to open to the public in March 2006, with in excess of 100 stores as well as entertainment facilities, and a traders' emporium. These elements will combine to enhance the shopping facilities in Lenasia and surrounding areas by providing the first substantial one-stop regional shopping experience.

"Investec Property Group is excited to be part of bringing this landmark development to the community of Lenasia," said Sam Hackner, Chief Executive Officer of Investec Property Group. "Our commitment to this development falls in line with Investec’s investment philosophy as well as our corporate social investment drive, which includes community upliftment.

Ismail Valli, commenting on how the venture came about, said: "Mr Mia and myself have both enjoyed a long-standing relationship with Investec. Investec Property Group’s development division is highly reputable and, together with our understanding of the Lenasia community, it made sense for the two parties to combine their expertise for this development.

"The original centre was planned at 28 000m2 but, due to huge demand, it was increased to a regional mall of 42 000m2 with parking provision for 2 800 cars," explained Valli. "Everything is on track and, in fact, presently the earthworks contract is ahead of time by two weeks."

Anchor tenants covering major departmental stores as well as Pick ‘n Pay, together with many other national brands and a cinema complex, will occupy approximately 60% of the stores in the centre. The balance of stores, which will include many franchise opportunities, will be offered to local traders, allowing them to benefit from the trade generated.

"For us this is the culmination of over 20 years of negotiations with various parties to bring a Pick ‘n Pay to Lenasia. We are excited to be able to provide the people of Lenasia with a shopping experience where they don’t have to travel to find us and believe that the Pick ‘n Pay in Trade Route will be hugely successful. We also believe that we will find a market from Soweto South." says Izak Joubert from Pick’ n Pay.

Investec Property Group's Management division will employ a centre manager from the community to liaise between centre management and the community. The centre will also employ approximately 500 permanent members of staff from the community after the opening of Trade Route.

In addition to the shopping mall, an in-patient drug and alcohol facility will be constructed adjacent to Trade Route by the developers.

To further enhance the Trade Route shopping experience, future expansions are planned for development of the remaining land around the centre.

Ends

Issued by: Marketing Concepts

Sandy Davey

Tel. 011 880 2213

On behalf of: Investec Property Group

Sam Hackner, CEO

Tel. 011 286 7000 Ismail Valli

Director

IAV Group of Companies

Tel: 011 837-2749

Cell 083 200 3663

SHM Group of Companies

Sayed H. Mia

Tel. 011 880 5460

Cell 083 251 1304

For further information: Robin Magid

Investec Property Group

Tel. 011 286 9313

Cell 083 675 8703