Asset sales and debt repayment

14 September 2012

Asset Sales and Debt Repayment

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

·; Gosforth Park

Further to the announcement on 6 June 2012 SAPRO has now received R69.1m of the proceeds from the Improvon sale. The remainder is expected to be received by the end of November.

·; Wedgewood and Starleith

Agreements have been concluded on both Sandton sites between SAPRO's subsidiary companies and their respective joint venture partners allowing for the orderly disposal of the assets. As a result an agreement in principle has been reached with a potential buyer subject to conditions precedent for the sale of these assets at a price approximating to book value. The Board will make a further announcement in due course.

·; Debt reduction

Proceeds received from the Gosforth Park sales have been applied against project debt as well as the SAPRO group debt facility. As a consequence the entire Standard Bank loan facility entered into in 2011 has now been repaid.

Following repayment of the Standard Bank facility, which was the main facility the Group was subject to, remaining debts in property companies in which SAPRO has an interest are less than R80m.

The Company is in advanced discussions with potential purchasers for various other sites within the portfolio and has made considerable progress in resolving joint venture issues. These developments may result in further announcements in due course.

For further information please contact:

Paul Fincham

Rob Naylor

Matrix Corporate Capital LLP

+44 (0)20 3206 7175