It has concluded agreements for the purchase of 53 buildings, thereby increasing its net asset value and its forecast earnings. Following a recent announcement to this effect, Prima Property Trust has withdrawn its cautionary.

Prima has delivered this action in less than 6 months, after announcing its new direction at its year-end in June 2003.

As a part of these transactions, Prima will be declaring a special distribution to existing unitholders for the period 1 July to 31 October 2003 of 3,2 cents per Prima unit. This distribution will be payable on the 5th January 2004.

Prima has forecast an annualised distribution of 12,9 cents per unit. This represents an annualised forward yield, for current investors, of a rewarding 14,36% at an issue price of 90 cents per Prima unit.

"These transactions are aimed at enhancing the returns to Prima unit holders and serves as the beginning of our move towards Prima's longer term goal of growing its property portfolio to over a R1-billion," said Steven Jersky, CEO of Prima.

For further information please contact:

Prima Property Trust

Steven Jersky

+27 11 283 0000

or

Marketing Concepts

Sandy Davey

+27 11 880 2213