Growthpoint Properties Limited - Acquisition of properties

GROWTHPOINT PROPERTIES LIMITED
  (Incorporated in the Republic of South Africa)
  (Registration number 1987/004988/06)
  ("Growthpoint" or "the company")
Acquisition of properties

Investec Bank Limited is authorised to announce that Growthpoint has entered
into two separate agreements for the acquisition of two properties ("the
properties"), with an aggregate purchase consideration of R105,1 million
("the acquisitions"). Details of the acquisitions are set out as follows:
  Meerlus Office Park

The Meerlus Office Park comprises an upmarket office building in Centurion
with a total lettable area of 5 294 m2, and was acquired by Growthpoint for
R16,6 million with effect from 1 January 2002.
  Beacon Bay Retail Park

The Beacon Bay Retail Park comprises a blue-chip retail centre in East
London with a total lettable area of 23 674 m2, and is to be acquired by
Growthpoint for R88,5 million with effect from 1 April 2002.

The Beacon Bay Retail Park comprises 80% national tenants by area and 70% by
income and significantly enhances the quality and spread of the retail
element of Growthpoint`s property portfolio. The acquisitions are consistent
with the company's stated intention of enhancing the quality and spread of
its existing property portfolio.

The purchase consideration for the acquisitions is to be paid in cash and
will be funded from the company's existing debt facilities.

The acquisitions are not expected to have a material effect on earnings or
net asset value per Growthpoint linked unit in the short term, but are
expected to make a beneficial contribution to earnings and cash flow in the
medium to long term.
For and on behalf of the board
Growthpoint Properties Limited
  Johannesburg
  25 February 2002
Merchant bank
  Investec Corporate Finance
  Investec Bank Limited
  (Registration number 1969/004763/06)
Sponsor
  Investec Bank Limited
  (Registration number 1969/004763/06)