The fund is putting R60m into a La Lucia Mall refurbishment project which should be completed in March next year, and is extending River Square shopping centre in Vereeniging to accommodate national retail tenants' demand for additional space.

It is letting 4000m² to Ellerine Holdings for a new head office in Gillooly's View, Bedfordview, south of Johannesburg, and has made two acquisitions. The first, a 5294m² upmarket office building in Centurion, was bought for R16,6m, and the second, the 24000m² Beacon Bay Retail Park in East London, was acquired for R88,5m.

'The Beacon Bay development comprises 80% of national tenants by area and 70% by income,' says Investec Property Group head Sam Leon.

Growthpoint fund manager Jeffrey Sher says Growthpoint's results for the nine months ended December 2001, released last week, showed projections were exceeded.

'Growthpoint is on target to meet its forecast of 12,6c for the 12 months.'