Acucap/ Capital - Joint Press Release

Acucap/ Capital - Joint Press Release                                           
ACUCAP PROPERTIES LIMITED                                                       
(Incorporated in the Republic of South Africa)                                  
(Registration number 2001/021725/06)                                            
Share code:  ACP & ISIN:  ZAE000037651                                          
("Acucap" or "the Company")                                                     
Capital Property Fund                                                           
("Capital" or the "Fund")                                                       
Share Code:  CPL                                                                
ISIN: ZAE000001731                                                              
(A portfolio in Capital Property Trust Scheme, a Collective Investment Scheme in
Property established in terms of the Collective Investment Schemes Control Act, 
No 45 of 2002 managed by Property Fund Managers Limited ("PFM"))                
(Incorporated in the Republic of South Africa)                                  
(Registration No. 1980/009531/06)                                               
CPF Capital Property Fund                                                       
Managed by Property Fund Managers Ltd                                           
ACUCAP PROPERTIES LIMITED ("ACUCAP") AND CAPITAL PROPERTY FUND ("CAPITAL"):     
JOINT PRESS RELEASE                                                             
Acucap and Capital are pleased to announce that they have entered into a joint  
venture with Improvon Properties, a highly respected and successful industrial  
developer in South Africa, to acquire and develop a 38 hectare industrial site  
in Midrand. The site is very well situated in relation to some of the major     
retail distribution centres, including those of Shoprite, Clicks and the new    
Woolworths facility that is under construction, and it enjoys good access and   
extensive highway frontage. The bulk rights on this land consist of 152,000sqm  
available for industrial development, to be developed in four phases and driven 
by tenant demand. The first phase will commence towards the end of this year,   
subject to an appropriate level of pre-letting having been concluded. In terms  
of the signed acquisition agreement, Acucap and Capital have each secured a 20% 
stake in the project, with Improvon retaining a majority 60% interest and taking
the lead developer role. The total cost of the land is R98 million, and on      
completion, the entire project is likely to have a cost of between R600 and R800
million.                                                                        
At this stage the land is still to be transferred and agreements are still to be
entered into regarding the intended development of the land. Any requisite      
announcements in terms of the JSE Limited Listings Requirements will be made by 
Acucap or Capital during the development or upon completion of this project.    
3 February 2006                                                                 
Date: 03/02/2006 07:42:03 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department