GROWTHPOINT PROPERITES LTD - INTERIM REPORT

GROWTHPOINT PROPERTIES LIMITED

INTERIM REPORT FOR THE SIX MONTHS ENDED 30 SEPTEMBER 2000

                                             2000          1999            %
INCOME STATEMENT                             R000          R000       CHANGE
TURNOVER                                    9 691        13 541       (28.4)
NET INCOME FROM PROPERTIES                  7 510         9 273       (19.0)
INTEREST PAID                               5 455         7 506       (27.3)
NET INCOME BEFORE CAPITAL

PROFIT AND DEBENTURE INTEREST               2 055         1 767         16.3
CAPITAL PROFIT ON DISPOSAL OF PROPERTIES        0        13 938

                                            2 055        15 705

LESS DEBENTURE INTEREST                     2 055         2 662

PROFIT BEFORE TAXATION                          0        13 043

TAXATION                                        0             2

NET INCOME AFTER TAXATION                       0        13 041

RETAINED INCOME AT BEGINNING OF PERIOD        100           100

                                              100        13 141

DIVIDENDS                                       3             3
TRANSFER TO

NON-DISTRIBUTABLE RESERVE                       0        13 038
RETAINED INCOME AT

THE END OF PERIOD                              97           100
COMBINED INCOME

PER UNIT (CENTS)                             6.07           7.88      (22.8)
                                             2000          1999
BALANCE SHEET AS

AT 30 SEPTEMBER 2000                         R000          R000
ASSETS

FIXED ASSETS                              117 240       166 178
NET CURRENT/

(LIABILITIES) ASSETS                        9 905         4 763

                                          127 145       170 941
LIABILITIES

SHAREHOLDERS INTEREST                      48 840        48 676

LOAN PAYABLE                               78 305       122 265

                                          127 145       170 941

NUMBER OF UNITS IN ISSUE               33 896 383    33 896 383
FINANCIAL RESULTS OF THE GROUP

TURNOVER HAS DECLINED AS A RESULT OF THE SALE OF TWO PROPERTIES WHICH WERE
REVENUE PRODUCING IN THE PRIOR YEAR. THE PROCEEDS FROM THESE SALES HAVE BEEN
USED TO REPAY BORROWINGS. ACCORDINGLY THE INTEREST PAID ON THESE BORROWINGS HAS
BEEN REDUCED BY A SIMILAR PERCENTAGE. VACANCIES HAVE INCREASED FROM THE
CORRESPONDING PERIOD LAST YEAR AND CURRENTLY STAND AT 9.98%. 82% OF THE
VACANCIES ARE IN RESPECT OF TWO PROPERTIES. THE PROPERTY IN THE JOHANNESBURG
CBD REPRESENTS 52.63% OF THE VACANCIES. THE GROUP HAS ALSO FELT THE EFFECTS OF
THE LIQUIDATION OF SCOTTS STORES. SOME OF THESE PREMISES ARE STILL VACANT.
THE RESULTS FOR THE SIX MONTHS TO SEPTEMBER 1999 INCLUDED EXTRAORDINARY INCOME
OF R900 000 WHICH WAS DISTRIBUTED TO SHAREHOLDERS. THIS EQUATES TO 2.66 CENTS
PER LINKED UNIT. THERE WAS NO SIMILAR ITEM FOR THE SIX MONTHS TO SEPTEMBER 2000
OUTLOOK

THE DIRECTORS DO NOT FORESEE AN IMPROVEMENT IN THE VACANCIES IN THE SECOND HALF
OF THE YEAR. AN ONGOING PROGRAM TO SELL SOME OF THE REMAINING PROPERTIES
CONTINUES.
BORROWINGS

BORROWINGS HAVE REMAINED CONSTANT SINCE THE LAST FINANCIAL YEAR-END.
DECLARATION OF DIVIDEND AND INTEREST PAYMENT

NOTICE IS HEREBY GIVEN OF DIVIDEND DECLARATION NUMBER 26 OF 0.0061 CENTS PER
SHARE AND DEBENTURE INTEREST PAYMENT NUMBER 26 OF 6.0639 CENTS PER UNIT OF 10
DEBENTURES FOR THE INCOME DISTRIBUTION PERIOD APRIL 2000 TO 30 SEPTEMBER 2000.
THE DISTRIBUTION AMOUNTS TO 6.0700 CENTS PER UNIT PAYABLE TO UNITHOLDERS
REGISTERED IN THE BOOKS OF THE COMPANY AT THE CLOSE OF BUSINESS ON FRIDAY 3
NOVEMBER 2000. DIVIDEND CHEQUES WILL BE POSTED ON OR ABOUT 24 NOVEMBER 2000.
BY ORDER OF THE BOARD
CM LIEBENBERG
SECRETARY          17 OCTOBER 2000

GROWTHPOINT PROPERTIES LIMITED REGISTRATION NUMBER 1987/004988/06

REGISTERED OFFICE: GROWTHPOINT MANAGERS (PROPRIETARY)LIMITED,

                   REGISTRATION NUMBER 1987/004982/07.

                   100 GRAYSTON DRIVE, SANDOWN, SANDTON 2196.
                   PO BOX 78949 SANDTON 2146.
TRANSFER SECRETARY: MERCANTILE REGISTRARS LIMITED,

                    REGISTRATION NUMBER 1987/000519/06.

                    11 DIAGONAL STREET, JOHANNESBURG 2001. PO BOX 1053,
                    JOHANNESBURG 2000.