GROWTHPOINT PROPERTIES: DISPOSAL OF THE PROPERTY BUSINESS OF ERVEN

GROWTHPOINT PROPERTIES LIMITED
(INCORPORATED IN THE REPUBLIC OF SOUTH AFRICA)
(REGISTRATION NUMBER 1987/004988/06)
("GROWTHPOINT")

DISPOSAL OF THE PROPERTY BUSINESS OF ERVEN 22386 AND 27457

GOODWOOD SHARE BLOCK (PROPRIETARY) LIMITED ("GOODWOOD MALL")
1. INTRODUCTION

INVESTEC BANK LIMITED IS AUTHORISED TO ANNOUNCE THE DISPOSAL BY GROWTHPOINT OF
THE PROPERTY BUSINESS OF GOODWOOD MALL TO DURBAN ROAD CENTRE PROPERTY TRUST OR
ITS NOMINEE

("THE PURCHASER") REPRESENTED BY YUSUF MODACK, FOR A CASH CONSIDERATION OF
R18,5 MILLION
("THE DISPOSAL").
2. NATURE OF BUSINESS AND RATIONALE

GOODWOOD MALL IS A SHARE BLOCK COMPANY WHICH LETS THE SHOPPING CENTRE AND
OFFICES LOCATED IN VOORTREKKER ROAD, GOODWOOD, IN THE WESTERN CAPE.  THE
PROCEEDS OF THE DISPOSAL WILL BE UTILISED TO REDUCE THE BORROWINGS WHICH WERE
RAISED FOR THE PURPOSE OF EFFECTING THE PARTIAL REDEMPTION OF DEBENTURES, AS
SET OUT IN THE CIRCULAR TO GROWTHPOINT UNITHOLDERS DATED 8 APRIL 1997.
3. FINANCIAL EFFECTS OF THE DISPOSAL

THE EFFECTIVE DATE OF THE DISPOSAL WAS THE DATE OF TRANSFER OF GOODWOOD MALL
INTO THE NAME OF THE PURCHASER WHICH WAS 23 DECEMBER 1999 ("THE EFFECTIVE
DATE").

THE NET ASSET VALUE OF GOODWOOD MALL AT THE EFFECTIVE DATE WAS R17 483 969,
TREATING INTEREST FREE SHAREHOLDERS' LOANS AS EQUITY AND THE EARNINGS BEFORE
TAX WERE R2 334 704 FOR THE PERIOD
1 APRIL 1999 TO THE EFFECTIVE DATE.

ON THE ASSUMPTION THAT THE DISPOSAL HAD BEEN IMPLEMENTED ON 1 APRIL 1999, THE
HEADLINE EARNINGS PER GROWTHPOINT UNIT FOR THE YEAR ENDED 31 MARCH 2000 WOULD
HAVE INCREASED BY 19,8% FROM 9,32 CENTS TO 11,16 CENTS.

THE DISPOSAL WILL NOT HAVE A MATERIAL EFFECT ON THE NET ASSET VALUE PER
GROWTHPOINT UNIT AT
31 MARCH 2000.
4. CONDITION PRECEDENT

THE DISPOSAL IS SUBJECT TO THE APPROVAL OF GROWTHPOINT UNITHOLDERS IN GENERAL
MEETING.
5. DOCUMENTATION

A CIRCULAR GIVING DETAILS OF THE DISPOSAL AND INCORPORATING A NOTICE OF GENERAL
MEETING OF GROWTHPOINT UNITHOLDERS WILL, SUBJECT TO THE APPROVAL OF THE
JOHANNESBURG STOCK EXCHANGE, BE POSTED TO GROWTHPOINT UNITHOLDERS WITHIN 28
DAYS.
JOHANNESBURG
4 MAY 2000
MERCHANT BANK
INVESTEC CORPORATE FINANCE
INVESTEC BANK LIMITED
(REGISTRATION NUMBER 1969/004763/06)
SPONSORING BROKERS
INVESTEC SECURITIES LIMITED
MEMBER OF THE JOHANNESBURG STOCK EXCHANGE
REGISTRATION NO. 1972/008905/06