GROWTHPOINT: FURTHER CAUTIONARY ANNOUNCEMENT

GROWTHPOINT PROPERTIES LIMITED
  (Incorporated in the Republic of South Africa)
  (Registration number 1987/004988/06)
  ("Growthpoint")
GROWTHPOINT PROPERTIES LIMITED
  (Incorporated in the Republic of South Africa)
  (Registration number 1987/004988/06)
  ("Growthpoint")
Further cautionary announcement

Further to the cautionary announcements published in the press on 6 March
2001 and 19 April 2001, Investec Bank Limited is authorised to announce that
Growthpoint has reached agreement, in principle, to acquire a portfolio of
properties from Sentinel Mining Industry Retirement Fund and Mine Employees
Pension Fund.  Final negotiations are currently in progress which, if
successful, may have a material impact on the price at which Growthpoint's
linked units trade on the JSE Securities Exchange South Africa.

Growthpoint linked unitholders are, accordingly, advised to continue to
exercise caution when dealing in their linked units until a further detailed
announcement is made.
Johannesburg
31 May 2001
Merchant bank
  Investec Corporate Finance
  Investec Bank Limited
   (Registration number 1969/004763/06)
Sponsor
  Investec Securities Limited
  Member of the JSE
   Registration No. 1972/008905/06