South African Property Opps PLC Asset Sales Progress (4866Q)

TIDMSAPO

RNS Number : 4866Q

South African Property Opps PLC

06 November 2012

SOUTH AFRICAN PROPERTY OPPORTUNITIES PLC

06 November 2012

Asset Sales Progress

The Board of Directors of South African Property Opportunities PLC ("SAPRO" or "Company") is pleased to announce the following progress in connection with its announced strategy of selling assets and returning excess capital to shareholders.

All major sales announced during the past year have involved joint venture projects. Key to this progress has been the successful conclusion of prolonged negotiations with our partners to rectify certain unsatisfactory legacy positions held by the Company. The success in signing further contracts for the orderly disposal of property assets at satisfactory prices reflects the constructive relationships which the Company and its Manager has with these joint venture partners.

Longland

Contracts have been signed for the sale of the Company's entire interest in Longland for a total consideration of R111 million. This figure is in line with the latest CBRE valuation.

The sale is subject to various conditions including governmental approvals. If these conditions are met, it is currently expected that proceeds from the Longland sale should be received in the first quarter of 2013.

Sandton

Following the previous announcement in September 2012 final sale agreements have been concluded with the Purchasers on both Sandton sites - Wedgewood and Starleith - again conditional on governmental approvals. Expected proceeds (R124 million) are again in line with CBRE valuation and are expected in the second quarter of 2013.

These sales along with the previously announced sales of the majority of the Gosforth Park asset will, if concluded, represent the sale of approximately fifty percent (50%) of the portfolio value of the company's gross assets as last reported. Further announcements will be made in due course.

Distributions

The Board believes, based upon current information, that it will be able to commence distributions to shareholders during 2013 as proceeds from the sales noted above come through. A further announcement will be made in this regard.

For further information please contact:

Paul Fincham

Rob Naylor

Matrix Corporate Capital LLP

+44 (0)20 3206 7175

This information is provided by RNS

The company news service from the London Stock Exchange

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