Growthpoint - Placement Of Third Issue Of Growthpoint"s Commercial

     Growthpoint -  Placement Of Third Issue Of Growthpoint"s Commercial        
                    Mortgage Backed Securitisation Notes                        
     Placement Of Third Issue Of Growthpoint"s Commercial Mortgage Backed       
Securitisation Notes                                                       
     Thursday, September 7, 2006                                                
     GROWTHPOINT PROPERTIES LIMITED                                             
     (Incorporated in the Republic of South Africa)                             
Registration number 1987 / 004988 / 06                                     
     ISIN: ZAE000037669                                                         
     Share code:  GRT                                                           
     (Growthpoint or the company)                                               
PLACEMENT OF THIRD ISSUE OF GROWTHPOINT"S COMMERCIAL MORTGAGE BACKED       
     SECURITISATION NOTES                                                       
     1.   Introduction                                                          
     Investec Bank Limited is authorised to announce that Growthpoint has       
successfully placed the largest commercial mortgage backed bond issue to   
     date of one billion Rand, in a book build exercise concluded on Monday, 4  
     September 2006, in the third issue of its R5 billion Commercial Mortgage   
     Backed Securitisation (CMBS) programme announced in 10 October 2005. The   
pricing over the 3 month JIBAR rate achieved on the 5 year term notes was  
     as follows:                                                                
               -    Aaa.za      0.40% over 3-M JIBAR                            
               -    Aa2.za      0.45% over 3-M JIBAR                            
-    A2.za       0.77% over 3-M JIBAR.                           

     The weighted average price of the issue is 0.51% over the 3 month JIBAR    
     rate and an "all-in" fixed rate for the 5 year term of the bonds of 9.08%  
     The bonds will be listed on the Bond Exchange of South Africa on 7         
September   2006.                                                          
     The bonds are secured by 103 industrial properties across South            
     Africa valued at over R1,6 billion, with a loan to value of                
     approximately 60%.                                                         
2. Rationale and Proposed Benefits                                         
     The proposed benefits of Growthpoint"s CMBS programme include:             
          -    lower average cost of borrowings;                                
          -    diversification of borrowing sources;                            
-    increased competitive advantage of Growthpoint to make value     
          enhancing acquisitions; and                                           
          -    increased distributions to Growthpoint linked unit holders.      
     The proceeds of the issue will be used to settle the bridging finance      
that was taken to partly fund the recent acquisition of the Metboard       
     Properties industrial portfolio.                                           
     For and on behalf of the board                                             
     Growthpoint Properties Limited                                             
Sandton                                                                    
     7 September 2006                                                           
     Investment bank                                 Sponsor                    
     (Investec Corporate Finance)                    (Investec Bank)            
Lead Arranger and Manager                       Attorneys to Growthpoint   
     (Investec Treasury & Specialised Finance)       (Jowell Glyn & Marais)     
     Attorneys to the Arranger and Issuer                                       
     (Webber Wentzel Bowens)                                                    
Date: 07/09/2006 10:16:14 AM Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department