MACAU PROPERTY OPPORTUNITIES FUND LIMITED 
By
24 February 2014
Macau Property Opportunities Fund Limited
("MPO" or the "Company")
MPO completes sale of Zhuhai properties for c. US$65 million
Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, announces that it has completed the sale of its APAC Logistics Centre and Cove Residence properties in Zhuhai, China, for a total consideration of RMB392 million (US$64.7 million).
The sale generated a net profit of US$29 million, which translates into an internal rate of return of 21%.
Completion terms
Subsequent to receiving a 10% security deposit in August 2013, the Company has now received a further RMB312 million (US$52 million), or 80% of the total sales consideration.
The remaining 10%, or RMB40 million (c. US$6.6 million), will be held in escrow as retention funds and will be released to MPO six months after the completion date, provided no breaches of representations or terms have occurred during this period.
Project background
Strategically located in the western Pearl River Delta, APAC Logistics Centre and Cove Residence were MPO's first investments made in Mainland China. With more than 1.3 million square feet of logistics facilities, the APAC Logistics Centre will be one of the largest multifunctional warehouses in the western Pearl River Delta upon its final completion.
The neighbouring 215,000 square feet Cove Residence , with 484 studio, one-bedroom and two-bedroom units, caters to rising demand for leased employee accommodation in the region. Main construction on both projects has been completed and occupancy permits have now been obtained.
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About Macau Property Opportunities Fund
Macau Property Opportunities Fund Limited is a closed-end investment fund registered in Guernsey and listed on the London Stock Exchange's main market.
Launched in 2006, the Company targets strategic property investment and development opportunities in Macau and Mainland China's western Pearl River Delta. Its current US$475 million portfolio comprises a mix of well-positioned residential and retail property assets.
The Fund is managed by Sniper Capital, an Asia-based property investment manager with an established track record in fund management and investment advisory.
For further information:
Company Registration Number 44813
Website: www.mpofund.com
Public Relations
MHP Communications
Simon Hockridge / Andrew Jaques / James Morgan
Tel: +44 20 3128 8100
Manager
Sniper Capital Limited
Tel: +65 6222 1440 (Investor Contact)
Tel: +853 2870 5151(Fund Adviser)
Email:info@snipercapital.com
www.snipercapital.com
Corporate Broker
Liberum Capital
Chris Bowman / Richard Bootle
Tel: +44 20 3100 2228
Company Secretary & Administrator
Heritage International Fund Managers
Mark Huntley / Laurence McNairn
Tel: +44 14 8171 6000
Stock Codes:
Bloomberg: MPO LN
Reuters: MPO.L
This information is provided by RNS
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