Capital Property Fund - Company Press Release

Capital Property Fund - Company Press Release                                   
Capital Property Fund                                                           
(Collective Investment Scheme in Property in terms of the Collective Investment 
Schemes Control Act, No 45 of 2002)                                             
Managed by Property Fund Managers Limited                                       
(Registration No. 1980/009531/06)                                               
Share Code:  CPL                                                                
ISIN:        ZAE000001731                                                       
("Capital")                                                                     
OLD MUTUAL AND MILLENNIUM CONSOLIDATED INVESTMENTS ("MCI") LINK TO GROW CAPITAL 
PROPERTY FUND ("Capital")                                                       
Capital set for growth phase as Old Mutual reshapes management company          
In a series of transactions facilitated by Old Mutual, MCI Properties has       
acquired an effective controlling 50,4% interest in Property Fund Managers Ltd  
("PFM"), the management company of Capital Property Fund.                       
Old Mutual will hold an effective 19,6% and Resilient Property Income Fund 30%  
of PFM. In April Resilient acquired 25% of Capital for R101 million and a 25%   
interest in PFM. Previously Old Mutual, JHI Real Estate, CorpCapital and Mines  
Pension Fund each held 25% of the equity in PFM.                                
Cyril Ramaphosa, the chairman of Millennium Consolidated Investments and of PFM,
commended Old Mutual for "their foresight in investing in the development of    
black players in the property industry."                                        
"It is the stated intention of the parties that in due course MCI will acquire a
meaningful interest in Capital units, thus aligning its interest in the         
management company with an investment in the Capital portfolio," says Rowland   
Chute, executive director of Old Mutual Properties.                             
"The change in control of PFM heralds the intention of the major institutional  
investors in Capital to substantially increase the value of Capital"s assets,   
through the acquisition of additional properties from various institutional     
players.                                                                        
"The PFM transaction is in line with Old Mutual`s strong commitment to the      
financial sector charter and the urgent need to create opportunities for BEE    
participation in the SA property industry. The combined strengths and expertise 
of the shareholders in PFM will provide Capital with significant intellectual   
muscle to implement its strategy of developing into a large market              
capitalisation fund delivering superior returns to the unitholders," says Chute.
Thando Sishuba, managing director of MCI Properties, says: "We are excited to be
a part of this initiative with excellent partners in Old Mutual and Resilient.  
This marks MCI Properties" entry into the growing listed property sector, in    
which we intend to play a significant role into the future."                    
ends                                                                            
INQUIRIES: Cyril Ramaphosa/Thando Sishuba 011-305-8700                          
           Rowland Chute 021-530-4519                                           
ISSUED FOR Old Mutual Properties/MCI/PFM                                        
BY  Michael Kerkhoff & Associates 021-424-5280                                  
11 June 2004                                                                    
Date: 11/06/2004 11:43:02 AM Supplied by www.sharenet.co.za                     
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