Standard Bank Centre, Cape Town Purchased By Redefine

Standard Bank Centre, Cape Town Purchased By Redefine                           
Redefine Income Fund Limited                                                    
Registration No. 1999/018591/06                                                 
SHARE CODE: RDF                                                                 
ISIN CODE:  ZAE000023503                                                        
STANDARD BANK CENTRE, CAPE TOWN PURCHASED BY REDEFINE                           
   Property loan stock Redefine Income Fund has announced the purchase of the 53
000m2 A-grade Standard Bank Centre on Cape Town"s Foreshore for R 218 million.  
The purchase consideration will be settled by a combination of Redefine units   
and cash.  This represents a purchase yield of 13.31% and is income enhancing to
the fund.                                                                       
"This is just the kind of deal we aim to pursue going forward", says Redefine
CEO Brian Azizollahoff. "Almost 90% of the lettable area comprises blue-chip    
major tenants including Standard Bank, Telkom, P & O Nedloyd and Santam."       
   The Foreshore is one of Cape Town"s prime commercial and tourism nodes, with 
recent developments including the new Cape Town International Convention Centre,
which opened last weekend. Ongoing residential and commercial property activity 
at the adjacent V & A Waterfront node adds to the attractiveness of the area.   
Date: 03/07/2003 07:56:03 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department