HYPROP/ CENPROP/ CAPITAL/ PFM - GRANT OF COURT ORDER FOR WINDING-UP OF CENPROP

HYPROP/ CENPROP/ CAPITAL/ PFM - GRANT OF COURT ORDER FOR WINDING-UP OF CENPROP  
AND FULFILMENT OF CONDITIONS PRECEDENT                                          
Hyprop Investments     Centrecity Property   Capital Property                   
Limited                Fund                  Fund                               
(Registration No.      ("Cenprop")           ("Capital")                        
1987/005284/06)        Share Code:  CEN      Share Code:  CPL                   
("Hyprop")             ISIN No: ZAE00001335  ISIN No:                           
Share Code:  HYP                             ZAE00001731                        
ISIN No: ZAE00003430                                                            
                       (Unit trust funds managed in terms of                    
                       the Collective Investments Schemes                       
Control Act, No 45 of 2002 ("the Act")                   

                        by Property Fund Managers Limited                       
                       (Registration No. 1980/009531/06)                        
                       ("PFM"))                                                 
GRANT OF COURT ORDER FOR WINDING-UP OF CENPROP AND FULFILMENT OF CONDITIONS     
PRECEDENT                                                                       
Corpcapital Corporate Finance, Edward Nathan & Friedland (Pty) Ltd and Sasfin   
Bank Limited are authorised to announce that the High Court of South Africa     
(Witwatersrand Local Division) granted an order on 18 March 2003 authorising the
winding up of the unit portfolio of Cenprop in terms of section 102(2) of the   
Act.                                                                            
Accordingly, all conditions precedent in the agreements for the disposal of The 
Rosebank Mall and JHI House to Hyprop and 2 Long Street and Southway Mall to    
Capital respectively, have been fulfilled.                                      
The immovable properties comprising The Rosebank Mall and JHI House and 2 Long  
Street and Southway Mall will be transferred to Hyprop and Capital respectively 
as soon as possible.                                                            
Salient dates announcement                                                      
A further announcement will be published shortly on SENS and in the press in    
which Cenprop unitholders will be advised of the amount and composition of the  
distribution to Cenprop unitholders pursuant to the winding up ("the Cenprop    
distribution") and the dates of the Cenprop distribution and the listing of the 
Hyprop combined units and Capital units on the JSE.                             
Johannesburg                                                                    
19 March 2003                                                                   
Corporate advisors   Sponsor to Hyprop    Transaction Support                   
and legal advisors   Corpcapital          to Cenprop                            
to Hyprop and        Corporate Finance    Corpcapital                           
Capital                                   Corporate Finance                     
Corpcapital                                                                     
Corporate Finance                                                               
Corporate law        Sponsor to Cenprop   Trustee to Cenprop                    
advisors and         and Capital          and Capital                           
consultants to       Sasfin Bank Limited  ABSA Bank Limited                     
Cenprop                                                                         
ENF (Pty) Ltd                                                                   
Attorneys to Cenprop                                                            
Knowles Husain Lindsay Inc