Formerly an executive director of Growthpoint, Sasse's appointment as CEO was announced at the same time that former Primegro joint managing directors Martin Ettin, Derek Greenberg and Primegro director Richard Harman gave up their seats on the Growthpoint board of directors, with the business of merging Primegro and Growthpoint now complete.

Greenberg, Ettin and Harman joined the Growthpoint board of directors pursuant to the merger of the two companies, on 30 July 2003, in line with their commitment to former Primegro shareholders of active involvement during the merger period.

"Primegro honoured its commitment to its shareholders and all involved, specifically Greenberg and Ettin who played an important role in ensuring the success of the merger on every level and the creation of the market leader Growthpoint is today," said Sasse.

For the merging year Growthpoint, managed by Investec Property Group, has been steered by executive directors Sasse, Sam Leon of Investec Property Group, Greenberg and Ettin.

Since the merger Growthpoint has grown to become the most liquid South African property loan stock, in addition to the largest by both market capitalisation and assets.

"Integral to the successful merger process was the re-evaluation of almost every aspect of Growthpoint's business resulting in strong forward direction, a clear future strategy and a highly experienced team of property professionals within Investec Property Group available to Growthpoint," elaborated Sasse.

"The board thanks these directors for the contribution made by them to the success of the company and wishes them well in their future endeavours," said Sasse.

Growthpoint Properties will announce its results for the financial year ended 30 June 2004 tomorrow (Wednesday 25 August 2004).

Media Release

Distributed by: Marketing Concepts

Sandy Davey

Tel: 011 880 2213

Cell: 083 453 6668

On behalf of: Growthpoint Properties Limited

Norbert Sasse, CEO

Tel: 011 286 7306

Cell: 083 632 1599