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27 Jun 2008 07:00
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Macau Property Opportunities Fund Limited
("MPO" or the "Company")
Loan Facility AgreedΒ
Macau Property Opportunities Fund Limited, managed byΒ Sniper CapitalΒ Limited,Β today announces thatΒ it hasΒ agreedΒ termsΒ forΒ aΒ club loanΒ facilityΒ ofΒ HK$642.82 millionΒ (c.US$82.5Β million)Β with a consortium of international and MacaneseΒ Banks, led byΒ HSBC.Β
The debt facility will be usedΒ to financeΒ the remainingΒ considerationΒ forΒ Tower 6 and the 25Β individualΒ unitsΒ acquired by the CompanyΒ in One Central Residences,Β Macau's premier luxuryΒ residential developmentΒ currently under construction.Β Drawdown of the loanΒ will be upon handover of the project in 2009 andΒ is subject toΒ usualΒ conditions includingΒ agreement of finalΒ documentation.
The loan will be secured by means of a first registered legal mortgage over all the residential units owned by the Company at One Central Residences. The term of the loan is approximately 4.5 years to 30 September 2012, with drawdown to beΒ madeΒ no later than 30 December 2009. Interest will be charged at 3-month HIBOR plus 1.4% per annum. The facility is to be repaid in four half-yearly instalmentsΒ commencing 30 March 2011 or 15 months fromΒ theΒ date of drawdown, whichever is earlier.
In addition to this facility, the Company is inΒ ongoing discussions with respect toΒ construction financing for itsΒ development projects, further detailsΒ of whichΒ will be released in due course.
David Hinde, Chairman of MPO said:Β "This is the Company's first debtΒ financingΒ transaction and reflects the strong relationship MPO has developed with HSBC and a number ofΒ other banking organisations.Β The securing of this debt facilityΒ is a prudent measure duringΒ thisΒ period ofΒ tightening global liquidity andΒ allowsΒ theΒ ManagerΒ to continue toΒ executeΒ the Company'sΒ investment strategy withΒ confidence andΒ visibility."
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AboutΒ MacauΒ Property Opportunities Fund
Macau Property Opportunities Fund Limited, which raised Β£105 million in a placing and commenced trading on the Alternative Investment Market of the London Stock Exchange in 2006,Β is a closed-end investment fund registered inΒ Guernsey.
The Company's investment policy is to provide shareholders with an attractive total return through investing in property opportunities in one of the world's fastest growing and most dynamic regions -Β MacauΒ and the Western Pearl River Delta of Southern China.Β
The Fund is managed byΒ Sniper CapitalΒ Limited, an independent investment manager that specialises in property investment opportunities in niche, undervalued and developing markets.
About One Central
One Central is a high-end mixed-use development project combining residential, hotel and retail facilities on a prime waterfront site located onΒ MacauΒ Peninsula. The high quality of design and construction being overseen by the joint venture partnersΒ HongkongΒ LandΒ and Shun Tak Holdings, will ensure thatΒ One Central stands well above other existing and currently planned projects inΒ Macau. One Central Residences, the residential portion of the project,Β comprises seven towers of premium luxury apartments. MPO acquired Tower 6 in November 2006 and subsequently purchased an additional 25Β well-positionedΒ units across various other towers. The project is due for completion in 2009.
For further information:
Website: www.mpofund.com
Public Relations Hogarth Partnership Limited Andrew Jaques / Sarah Richardson Tel: +44 20 7357 9477
Nominated Adviser and Joint Broker
Collins Stewart Europe LimitedHugh Field
Tel: +44 20 7523 8325
Joint Broker
Shore Capital Stockbrokers Limited
Dru Danford
Tel: +44 20 7408 4090
Β
Company Secretary & Administrator
Heritage International Fund Managers Limited
Mark Huntley / Laurence McNairn
Tel: +44 1481 716000
Manager
Sniper CapitalΒ Limited
Corporate & Investor CommunicationsDaisy Tang
Tel: +852 2292 6700
Email: info@snipercapital.com
www.snipercapital.com
Stock Codes:Β
Bloomberg:MPO LN
Reuters:MPO.L
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