GRT/ PRA - Growthpoint/ Paramount - Results of the extended Paramount B

GRT/ PRA - Growthpoint/ Paramount - Results of the extended Paramount B         
                                   Debenture Offer                              
Growthpoint Properties Limited                                                  
(Incorporated in the Republic of South Africa)                                  
(Registration number 1987/004988/06)                                            
Share code: GRT & ISIN ZAE000037669                                             
("Growthpoint")                                                                 
Paramount Property Fund Limited                                                 
(Incorporated in the Republic of South Africa)                                  
(Registration number 1945/019928/06)                                            
Share code: PRA & ISIN ZAE000028577                                             
("Paramount")                                                                   
RESULTS OF THE EXTENDED PARAMOUNT B DEBENTURE OFFER                             
INTRODUCTION                                                                    
Paramount B debenture holders are referred to the announcement dated 26 January 
2007, informing them of the extension of the B debenture offer to 12:00 on      
Friday, 9 February 2007.                                                        
RESULTS OF THE EXTENDED B DEBENTURE OFFER                                       
As at 12:00 on Friday, 9 February 2007, the closing date of the Paramount B     
debenture offer, Growthpoint had received acceptances in respect of 1 323 192   
Paramount B debentures equating to 91.4% of Paramount B debentures in issue. As 
at the first closing date of 26 January 2007, Growthpoint had received 812 219  
Paramount B debentures equating to 56.1% of the B debentures in issue.          
Accordingly, Growthpoint will exercise its entitlement to compulsorily acquire  
the remaining Paramount B debentures it does not own in terms of section 440K of
the Companies Act.1973, as amended ("the Companies Act").  The Companies Act    
allows the offer or to compulsorily acquire the interests held by the minorities
once it has received acceptances for not less than nine-tenths of a class of    
securities in issue.                                                            
FURTHER DOCUMENTATION                                                           
A circular incorporating a notice in terms of section 440K(1) of the Companies  
Act, is expected to be posted to Paramount linked unitholders and Paramount B   
debenture holders on or about Friday, 23 February 2007.                         
Sandton                                                                         
12 February 2007                                                                
Investment bank to Growthpoint          Sponsor to Growthpoint                  
(Investec Corporate Finance)            (Investec Bank Limited)                 
Legal adviser to Growthpoint            Independent adviser and sponsor to      
                                       Paramount                                
(Jowell Glyn Marais)                    (Nedbank Capital)                       
Legal adviser to Paramount              Independent reporting accountants and   
                                       auditors                                 
(Cliffe Dekker)                         (Ernst & Young)                         
Date: 12/02/2007 12:42:03 Supplied by www.sharenet.co.za                     
Produced by the JSE SENS Department.