Last checked at 
14 Dec 2016 07:00
14 December 2016
Macau Property Opportunities Fund Limited
("MPO" or the "Company")
Update on Senado Square Project
Macau Property Opportunities Fund Limited is pleased to announce that the Land, Public Works and Transport Bureau of Macau has approved the architectural concept plan for the Company's retail redevelopment project located in the Senado Square district of Macau.
The approval, which is subject to a number of minor comments, paves the way for the submission of the detailed plan expected to be made in Q1 2017. This is the final stage of the planning process prior to the commencement of demolition and construction.
In addition, the Company has secured a new loan facility of HK$118 million (US$15.2 million) for the project with Hang Seng Bank Limited.
The two-year hybrid loan will mature in December 2018 and interest will be charged at 2.70% per annum over the 1-, 2- or 3-month HIBOR rate.
Following the full draw down of the loan, MPO's total cash balance will rise to c. US$20 million and its loan-to-value ratio will increase to 42.3% from 40% based on the Company's latest published portfolio valuation.
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About the Project
Senado Square is MPO's flagship retail development project, well-located in Macau's prime UNESCO-listed shopping precinct. The new development which sits on a freehold site is designed by renowned architectural consultant, Arquitectonica, adopting a contemporary and sustainable design concept. Upon completion, it will offer c.67,800 square feet of retail and F&B space.
About Macau Property Opportunities Fund
Macau Property Opportunities Fund Limited (MPO) is a closed-end investment fund registered in Guernsey. Listed on the London Stock Exchange's main board, it is also a constituent stock of the FTSE All-Share and FTSE Small Cap indices.
Launched in 2006, the Company targets strategic property investment and development opportunities in Macau, the only city in China where casinos are legal. Its current portfolio, a mix of prime residential and retail property assets, was valued at US$398.3 million as at 30 September 2016.
MPO is managed by Sniper Capital Limited, an Asia-based property investment manager with a proven track record in fund management and investment advisory.
For further information:
Company Registration Number 44813
Website: www.mpofund.com
Manager
Sniper Capital Limited
Doris Boo
Tel: +65 6222 1440
Email: info@snipercapital.com
www.snipercapital.com
Public Relations
MHP Communications
Andrew Jaques / Simon Hockridge / Kelsey Traynor
Tel: +44 20 3128 8100
Corporate Broker
Liberum Capital
Richard Bootle / Jonathan Wilkes-Green / Henry Freeman
Tel: +44 20 3100 2232
Company Secretary & Administrator
Heritage International Fund Managers
Mark Huntley
Tel: +44 14 8171 6000
Stock Codes:
Bloomberg: MPO LN
Reuters: MPO.L