HONG KONG: Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, today announces the sale of four units located in its flagship property, The Waterside Macau, for a combined HK$113.4 million (c.US$14.4 million).
On 25 July 2022, the sale of two units was completed in full for a gross consideration of HK$70.9 million (c.US$9.03 million). Sale & Purchase Agreements for a further two units worth a combined HK$42.5 million (c.US$5.4 million) have been executed and secured with non-refundable deposits amounting to 10% of the sales values. These transactions are expected to be fully completed by end August 2022.
The total combined transaction value represents an average 6.8% discount to the units’ latest valuations.
The sale of units is in accordance with the Company’s ongoing divestment programme which, as noted in the Company’s interim report, includes an enbloc and strata sales strategy for The Waterside Macau.
Use of Proceeds
Subject to all transactions being successfully completed, proceeds arising from the sales will be used to reduce debt, meet future debt repayments and for general working capital purposes.
About Macau Property Opportunities Fund
Premium listed on the London Stock Exchange, Macau Property Opportunities Fund Limited is a closed-end investment company registered in Guernsey and is the only quoted property fund dedicated to investing in Macau, the world’s largest gaming market and the only city in China where gaming is legalised.
Launched in 2006, the Company targets strategic property investment and development opportunities in Macau. Its current portfolio comprises prime residential property assets.
The Company is managed by Sniper Capital Limited, an Asia-based property investment manager with an established track record in fund management and investment advisory.