Growthpoint Properties Limited announced today its purchase of the sophisticated Menlyn Piazza for a total consideration of R60 million, at a forward yield of 11.5%.

This A-grade multi-tenant, mixed-use centre, comprising offices, restaurants and retail shops, consists of 6,826m2 of fully-leased space.

The office component of 4 130m2 is entirely taken up by Santam Ltd, while the 2 696m2 retail centre presently houses eight tenants including four restaurants that spill onto a paved court.

"This purchase is in line with Growthpoint's portfolio investment criteria of income-generating prime properties that are suitably situated and offer sustainable returns through long-term tenancies and blue chip tenants," said Norbert Sasse, Executive Director, Growthpoint Properties Limited, managed by Investec Property Group.

Menlyn Piazza is situated just off the Atterbury off-ramp and conveniently located opposite Menlyn Park Shopping Centre in Pretoria.

This acquisition was funded through the proceeds of Growthpoint's recent sale of its Johannesburg CBD properties and the sale of the Holiday Inn Hotel in Sunnyside, Pretoria for R35 million to a private investor.

Ends/

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