CBS Property Portfolio Limited today announced that it intends to list on the JSE, in the ‘Financial – Real Estate’ sector, on Wednesday 2 November 2005.

The private placement of 37 million CBS linked units at 675 cents ahead of the listing should raise a total of R249,75 million. The placement will take place over four days, opening on Tuesday, 25 October 2005 and closing on Friday, 28 October 2005.

On listing, assuming the private placement is fully subscribed, CBS linked units in issue will total 80,275,054 at the issue price per linked unit of 675 cents.

CBS Property Portfolio is forecasting a distribution of 69 cents per linked unit for the year ending 31 October 2006, and the resultant forward yield per linked unit of 10.25%. Net asset value of 702 cents per linked unit is based on the pro forma balance sheet.

This listing brings together four of the most experienced and dynamic property professionals in the sector. Martin Ettin and Derek Greenberg have joined the entrepreneurial team of Gary Fisher and Sean Mackay as executive directors of CBS Property Group.

Martin Ettin and Derek Greenberg were co-founders of Primegro Properties Limited and drove the successful listing of Primegro.  They were later instrumental in the merger between Primegro and Growthpoint Properties Limited where they also served as executive directors.

CBS has been in the market since 1993 and its linked shares have traded successfully for the past two years, facilitated by Barnard Jacobs Mellet Private Client Services (BJMPCS) through their Over The Counter (OTC) market. Gary Fisher and Sean Mackay were key in compiling the CBS Property Portfolio which has been built up over a period of time comprising carefully selected properties originally included in successful property syndications in the Western Cape.

Mackay points out that there has been an increased awareness of the property loan stock sector, with average value traded improving by 88% from R5,3 billion for the 12 months to 30 June 2004 to R10,1 billion for the 12 months to 30 June 2005.

Fisher explains that CBS has delivered consistent growth through leadership, innovation and excellence and will continue to focus on improving the underlying quality of its property portfolio to provide consistent real growth in income and capital over the medium to long term.

“As a team of executive directors we are all personally invested in the future and the success of CBS Property Portfolio and strive to deliver sustainable and growing income streams to investors,” said Ettin and Greenberg.

CBS Property Portfolio will list with property assets valued at R987 million comprising 28 properties with a total of 190,475m2 and strong representation in both the Western Cape (42% by GLA) and Gauteng (35%) with the remainder in KwaZulu Natal.

The properties which comprise this portfolio include the core CBS portfolio of Dock Road Complex (Amway House and Queens Building) at the entrance to V & A Waterfront, Palm Grove Shopping Centre in Durbanville, Mellville’s Corner in Plettenberg Bay, Centre Point Shopping Centre in Milnerton and The Circle Shopping Centre in Somerset West.

The portfolio was substantially increased by the recent acquisition of properties, predominantly in Gauteng, from Yieldgro Group including 46% of The Wedge Shopping Centre in Morningside and WedgeField Bryanston.

CBS Property Portfolio also includes the recently acquired Brait Place in Illovo, Sandton and Malvern Centre in Qeensburgh, KwaZulu Natal and a portfolio of nine properties purchased from Growthpoint Properties Limited.

CBS intends to declare dividend distributions half yearly for the six-month periods ending 30 April and 30 October. The first dividend and distribution payable to linked unitholders in respect of the six-month period ending 30 April 2006, is expected to be declared in May 2006 and paid in July 2006.

Investec Bank Limited is investment bank and lead sponsor to the CBS listing with Barnard Jacobs Mellet Corporate Finance acting as co-sponsor.

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Issued on behalf of CBS Property Group:

Gary Fisher, CEO

T: 021 426 1880/011 215 6440           C: 083 450 2222

Martin Ettin

Cell  083 325 1463

Derek Greenberg

Cell 083 325 1463

By Marketing Concepts:

Sandy Davey

T: 011 880 2213          C: 083 453 6668