This exceeds the audited forecast of 67,0 cents per linked unit by 3,0% and represents an increase of 3,7% over last year’s total distributions of 66,55 cents per linked unit.

Growthpoint's total distributions paid to linked unitholders increased by 94,9% during the period with net property income for the year showing a 106,1% increase to over R600 million.

The total distribution is made up of the interim distribution of 33,5 cents per linked unit and the final distribution of 35,5 cents per linked unit. The final distribution will be paid to unitholders on Monday, 20 September 2004.

"The increased distribution per linked unit was achieved notwithstanding the fact that Growthpoint has significantly improved the overall quality of its portfolio through the inclusion of the Primegro portfolio, Investec Bank Limited head offices in Sandton and Cape Town and Waterfall Mall in Rustenburg," said Norbert Sasse, CEO of Growthpoint.

"Such a drastic improvement in the overall quality of the property portfolio would normally be associated with a dilution, making this set of results especially pleasing," explained Sasse.

During the financial year Growthpoint, the largest South African listed property company measured by both assets and market capitalisation, also became the most liquid and tradeable share in the South African property sector. Growthpoint's current monthly trade on the JSE Securities Exchange South Africa stands at R125 million, up from an average R98 million per month for the first half of the financial year that ended 31 December 2003 and up from R11 million per month prior to the merger with Primegro in May 2003.

Growthpoint's physical property assets increased by R1,58 billion, from R4,55 billion to R6,13 billion as a result of acquisitions, specifically Waterfall Mall and the Investec buildings, and the re-valuation of the property portfolio by R383,5 million in terms of AC135 using Discounted Cash Flow valuation techniques.

During the year under review, the total interest bearing and non-interest bearing liabilities, including fair value and present value adjustments, increased to R2,96 billion representing a loan to value ratio of 44,1% which is conservative for a company with quality long term assets and income streams such as Growthpoint. This is substantiated by the interest cover ratio of 3,07 times.

Growthpoint's listed property portfolio was reduced from R809,8 million to R568,2 million by the share buy-back of R375,0 million which was funded through the sale of a portfolio of listed property units and which resulted in a reduction of the shareholding of the Mine Pension Funds from 38,4% to 31,6%. The net effect of acquisitions and other disposals was an increase of R74,1 million whilst the fair value adjustment or "mark-to-market" re-valuation resulted in a surplus of R59,3 million.

Growthpoint’s strong performance in all categories during the year under review, has entrenched it as one of the leading South African listed property companies.

"Subject to market conditions remaining stable, the Growthpoint board anticipates that total distributions for next financial year will reflect an increase over this year's distribution of 69,0 cents," explained Sasse.

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