South African Prop. - Site Offer

South African Prop. - Site Offer

RNS Number:9257R

South African Property Opps PLC

09 April 2008

                    SOUTH AFRICAN PROPERTY OPPORTUNITIES PLC

                           ('SAPRO' or the 'Company')

      SAPRO announces acceptance of material offer on African Renaissance

In July 2007, SAPRO announced that it had exchanged contracts to acquire a stake in a joint venture company with plans to construct a residential development with a retail component, in a rapidly growing area east of Pretoria (the 'African Renaissance Development'). The 153.7 hectare African Renaissance Development site was acquired by the joint venture for R39 million (£2.8 million at the prevailing exchange rate). SAPRO, which has a 65% stake in the joint venture, financed the full acquisition cost of the site and has also provided R4.1 million (£287,500 at the prevailing exchange rate) by way of working capital to the joint venture.

SAPRO today announces that the joint venture has accepted an offer of R150m (£9.7 million at current exchange rates) for an 11 hectare portion of the site from one of the largest investment management groups in South Africa, which intends to build a 61,000 sqm regional shopping centre on the site.   The offer is subject to a due diligence period of three months, and several suspensive conditions including the completion of the planning process, bulk service connections and certain road infrastructure upgrades to the site.   There is a possibility that at the end of the three month period the offer will not be concluded. However, should the sale go through it would produce a meaningful return for SAPRO and the construction of the regional shopping centre would also be expected to enhance the value of the remainder of the site significantly. If the sale does go through, SAPRO would not develop a shopping centre as originally planned, but otherwise the Company does not expect to make major alterations to its development plans for the remainder of the site.

Further enquiries:

Principle Capital

on behalf of SAPRO Anne Dalen                                   +44 207 240 3222

Landsbanki Securities Paul Fincham                              +44 207 426 9000

Bell Pottinger Dan de Belder                                    +44 207 861 3232

Note to Editors:

-  South African Property Opportunities plc (SAPRO) is a company investing in    the South African property market.  Its shares were admitted to AIM in    October 2006 raising an initial £30 million (before placing expenses). In    May 2007 a  further £34.2 million (before placing expenses) was raised from    new and existing investors.

-  SAPRO was established to invest in the South African property market with a    view to generating attractive returns, principally through capital growth.    It is targeting opportunities arising from the increasing wealth that has    been generated from greater urbanisation and economic growth in South Africa    coupled with the rapid emergence of a cross cultural middle class. SAPRO is    currently  focused on investments in brownfield and greenfield development    opportunities.

-  The Investment Manager is Proteus Property Partners Limited and the    Investment Adviser is Proteus Property Advisors (Pty) Limited. The Investment    Manager and Investment Adviser are responsible for identifying new investment    opportunities.

- The Investment Manager and Investment Adviser are 60% owned subsidiaries of   Principle Capital Holdings S.A. (AIM: PCX.L).