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12 Aug 2009 10:45
12 August 2009
SOUTH AFRICAN PROPERTY OPPORTUNITIES PLC
("SAPRO" or the "Company")
SAPRO announces the Starleith Development Site - amended announcement
SAPRO is pleased to announce an exchange of contracts by a joint venture in which SAPRO has a 50 per cent. stake to acquire the 0.4521 hectare Starleith development site in the heart of Sandton, Johannesburg's Central Business District. The aggregate land acquisition cost for the 0.4521 hectare site is R37.2 million, of which SAPRO's share is R18.6 million (£1.5 million). The site is adjacent to the Company's existing Sandton Development.
In line with the recent conclusion of a strategic review by the board of directors of SAPRO, the Starleith acquisition reinforces the Company's commitment to focus on transactions that are return enhancing to the key development projects identified within the portfolio while returning excess capital through the orderly disposal of various non-core sites over the next 24 months. Starleith is adjacent to SAPRO's existing Sandton site and provides SAPRO with an opportunity to enhance the Board's projected shareholder returns by significantly improving the value of SAPRO's existing investment in Sandton.
Further enquiries:
SAPRO +44 20 7240 3222
Matrix Corporate Capital Paul Fincham +44 203 206 7175
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