REG - Macau Prop Opp Fund - Acquisition of Luxury Private Residence <Origin Href="QuoteRef">MPO.L</Origin>

Macau Property Opportunities FundAnnouncement

29/10/2014 13:30

RNS Number : 7879U
Macau Property Opportunities Fund
21 October 2014
21 October 2014
Macau Property Opportunities Fund Limited
("MPO" or the "Company")
Complementary acquisition of luxury private residence
Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, announces that it has entered into a promissory sales and purchase agreement to acquire a luxury private house located in Macau's exclusive neighbourhood of Penha Hill for a total acquisition cost of HK$182.45 million (US$23.5 million). 
The opportunistic acquisition is complementary to MPO's portfolio given that the property adjoins MPO's existing property The Green House. It is the Company's belief that significant marriage value will be created through combining the two properties into a single detached residence, which are rare and highly sought after assets in Macau. 
Key highlights:
 The three-storey villa, purchased directly from a local vendor, has an estimated gross floor area of 6,500 square feet with an expansive roof terrace that offers attractive views across Macau to mainland China. 
 The total acquisition cost of HK$182.45 million (US$23.5 million), which accounts for c. 4.4% of MPO's portfolio value as at 30 June 2014, is inclusive of stamp duty and all other fees and expenses. 
 The Manager considers the agreed price of c. HK$28,000 (US$3,615) per square foot attractive when taking into consideration the exclusive positioning of the property and the potential value that will be created through consolidating it with The Green House. 
 Completion of the transaction is expected to take place on or before 12 December 2014 and will be funded by a combination of cash and bank financing. A deposit of HK$79 million (US$10.2 million), being 50% of the purchase price, has been made to the seller. 
Commenting on the acquisition, David Hinde, Chairman of MPO, said: "This highly strategic acquisition gives us further exposure to one of our preferred sectors in Macau - exclusive residences - which we believe will become increasingly sought after as Macau continues to transform into a world-class destination. The consolidation with The Green House should bring about significant value creation for our shareholders." 
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About Macau Property Opportunities Fund
Macau Property Opportunities Fund Limited is a closed-end investment fund registered in Guernsey. Listed on the London Stock Exchange's main market, it is also a constituent stock of the FTSE All-Share and FTSE SmallCap indices.
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$536 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 Advisor)
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
The company news service from the London Stock Exchange
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