SAPRO announces the Starleith Development

11 Aug 2009 13:00



11 August 2009

SOUTH AFRICAN PROPERTY OPPORTUNITIES PLC

("SAPRO" or the "Company")

SAPRO announces the Starleith Development

SAPRO is pleased to announce an exchange of contracts to acquire the 0.4521 hectare Starleith development site in the heart of Sandton, Johannesburg's Central Business District, for R18.6 million (£1.5 million).

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:

Director Craig McMurray +27 834 458534

Matrix Corporate Capital Paul Fincham +44 207 426 9000