REG - Macau Prop Opp Fund - Update on acquisition of luxury private residence <Origin Href="QuoteRef">MPO.L</Origin>

Macau Property Opportunities FundAnnouncement

12/12/2014 07:10

RNS Number : 5141Z
Macau Property Opportunities Fund
12 December 2014
12 December2014
Macau Property Opportunities Fund Limited
("MPO" or the "Company")
 
Update on acquisition of luxury private residence
On 21 October 2014, Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, announced it had 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 cost of HK$182.45 million (US$23.5 million). 
At the time, a deposit of HK$79 million (US$10.2 million), or 50% of the purchase price, was paid to the seller. 
The Company can now confirm that on 11 December 2014, a second payment to the seller of HK$63.2 million (US$8.15 million), or 40% of the total purchase price, was made in accordance with the terms of the sales and purchase agreement and the property title has been transferred to the Company. 
Under the terms of the contract, a final payment of HK$15.8 million (US$2.04 million), or 10% of the total purchase price, will be made once the Company has received vacant possession of the property, which is expected on or before 28 February 2015.
The Company plans to combine the new asset with its adjoining property, The Green House, into a single detached residence.
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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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