SAPO South African Property Opportunities

RNS Number:9398D
South African Property Opps PLC
18 September 2007



18th September 2007

                    SOUTH AFRICAN PROPERTY OPPORTUNITIES PLC
                                 ("SAPRO")

                          Further Property Acquisition

SAPRO is pleased to announce an exchange of contracts for the second phase of
the development in Ballito, north of Durban, KwaZulu Natal, that was announced
on December 15th 2006.

Imbonini Services Park Phase 2 ("The Phase 2 Development") will provide
additional serviced stands for light industrial use and potentially, a number of
middle income residential dwellings on the 77.5 ha site.

The site, which is currently undeveloped vacant land is expected to yield an
estimated 38.0 ha of gross developable area after planning consent has been
obtained.

Investment highlights:

* SAPRO's investment commitment (excluding refundable transfer duties) is R66.5
million (#4.6 million) consisting of a R60.0 million (#4.2 million) interest
bearing mezzanine loan, R6.0 million (#0.4 million) to acquire a 50 per cent.
stake in the Phase 2 development company from the founding shareholders (who are
also our partners in this and the phase 1 development) and R500k (#35k) to match
the founding shareholders loan account balance.

* The development is expected to require a total investment of R150.8 million
(#10.4 million) of which R89.8 million (#6.2 million) of the estimated
development cost of R95.1 million (#6.6 million) will be financed by bank loans
secured on the property. However, the total amount borrowed at any point in time
will be considerably less than this.

* The planning application is in the process of being prepared. It is expected
that construction work will commence in 2008 and that the total duration of the
project will be less than four years.

* This transaction brings SAPRO's total equity invested to date up to R535.4
million (#37.7 million).

Brian Myerson, a director of SAPRO, commented:

"The rapid progress being made on Phase 1 has motivated us to secure our option
to participate in Phase 2 and the potential to include a residential component
could further enhance the overall returns. We expect that demand for this
development will be strong as it is extremely well located, approximately 10
miles up the N2 highway from the proposed new Durban King Shaka International
Airport that is scheduled to open in time for the 2010 FIFA World Cup."


Further enquiries:

SAPRO Anne Dalen +44 207 240 3222

Landsbanki Securities Paul Fincham +44 207 426 9000

Bell Pottinger Dan de Belder / Algy Rowe +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 #30 million initially and a further
#33.5 million in April 2007.


-   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 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).




                      This information is provided by RNS
            The company news service from the London Stock Exchange

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