South African Property Opportunities Regulatory News (SAPO)

15 Dec 2006 07:58

South African Property Opps PLC15 December 2006 15 December 2006 SOUTH AFRICAN PROPERTY OPPORTUNITIES PLC ("SAPRO" or the "Company") Property Acquisitions The Board of Directors of SAPRO are pleased to announce that it has exchangedcontracts in respect of two investments in South African real estate, comprisingan industrial park site north of Durban and an industrial park site inJohannesburg. The Durban development is a joint venture with local developers in which SAPROwill have a 50 per cent. interest. The joint venture vehicle will acquire a 36hectare site located close to the fast growing residential and leisure node ofBallito, KwaZulu Natal. SAPRO is also expecting to participate in a plannedsecond phase 70 hectare development adjacent to the current development shouldthe results of a due diligence investigation prove favourable. The Johannesburg development comprises a 49 hectare site located north of theJohannesburg international airport. The acquisitions were funded entirely out of the Company's cash resources andinvolve an initial equity investment by SAPRO of some £2 million. Brian Myerson, a director of SAPRO, commented: "We are pleased by these twoinitial investments, which we believe should provide the Company with returns atleast in line with those we expected when SAPRO launched in October. There is asignificant pipeline of opportunity for the Company and, as a result, we areconfident of investing the Company's remaining cash resources within the firsthalf of 2007." Further enquiries: SAPROJames Peggie+44 20 7240 3222 Teather & GreenwoodPaul Fincham+44 20 7426 9000 END This information is provided by RNS The company news service from the London Stock Exchange