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By value, the vacancies equated to 5 percent of potential rental income, the   
same as at year-end.                                                           
In the retail sector 74 percent of the vacancies were in the Boulders and The  
Brightwater Commons reported upon above.
In the office sector, significant vacancies by area and value remain at        
Grayston Ridge and 271 Oak Avenue. At Grayston Ridge, with the high tenant     
turnover, no improvement is envisaged in the short term. Negotiations have been
concluded to sell 271 Oak Avenue to an end user at a price in excess of the
historic valuation.                                                            
In the industrial sector, 23 percent of the vacancy is at Degussa in Midrand,  
which remains a challenge to let. Two properties comprising a further 16       
percent of this sector"s vacancies have subsequently been let.
7. DISTRIBUTION ANNOUNCEMENT                                                   
Notice is hereby given of distribution no. 46 of 19.3 cents per unit for the   
six months ended 31 March 2006.                                                
The last date to trade cum the distribution will be Friday, 19 May 2006. The
units of Grayprop will commence trading ex-distribution on Monday, 22 May 2006 
and the record date will be Friday, 26 May 2006. The distribution will be paid 
on Monday, 29 May 2006.                                                        
Unit certificates may not be dematerialised or rematerialised between Monday,
22 May 2006 and Friday, 26 May 2006, both dates inclusive.