1 Sep 2009 07:00
Macau Property Opportunities Fund Limited
("MPO" or the "Company")
Handover of Investment Property
Tower Six, One Central Residences handed over ahead of schedule
Tower Six, One Central Residences
Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, today announces that it has taken delivery of all 59 units in Tower Six, One Central Residences, Macau.
The Company intends to lease out all units in Tower Six, which will be positioned as Macau's premier luxury residence, catering to the growing demand for high quality, well-located executive accommodation. The apartments will be further enhanced by the Company to reflect the unique qualities and excellent positioning of the development.
It is anticipated that the units will be available for lease by the end of 2009. The Company has already entered into discussions with a number of potential corporate tenants.
Handover of the Company's additional units located in other towers within the One Central development will be carried out progressively in the next few weeks and is expected to be completed by the end of September 2009. MPO intends to adopt an opportunistic strategy towards these units based on prevailing market conditions.
Loan Facility
The Company's investment in One Central Residences has been financed by a US$82 million loan facility, secured with a consortium of international banks led by HSBC. Drawdown of the facility, which extends until mid-2012, has now occurred.
David Hinde, Chairman of MPO said:
"We are delighted to have taken delivery of our investment in this exceptional development which is destined to set new standards in Macau's luxury residential sector - one of our key target segments.
"The strength of Macau's unique long-term growth drivers, combined with our active asset management strategy for this project, leave us well-positioned to maximise the value of this unparalleled investment."
Further Details
One Central is a high-end mixed-use development located on a prime waterfront position on the Macau Peninsula adjacent to the MGM Macau and Wynn Macau casino-resorts. Jointly developed by Hongkong Land and Shun Tak Holdings, One Central comprises seven high-end residential towers, extensive clubhouse and recreational facilities, a five-star Mandarin Oriental Hotel and a 400,000 square feet luxury shopping centre.
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About Macau Property Opportunities Fund
Macau Property Opportunities Fund Limited, which raised £105 million in a placing and commenced trading on AIM in 2006, is a closed-end investment fund registered in 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 - Macau and the Western Pearl River Delta of Southern China.
The Fund is managed by Sniper Capital Limited, an independent investment manager that specialises in property investment opportunities in niche, undervalued and developing markets.
For further information:
Website: www.mpofund.com
Public Relations
Hogarth Partnership Limited
Andrew Jaques / Anna Keeble
Tel: +44 20 7357 9477
Nominated Adviser & Joint Broker
Collins Stewart Europe Limited
David Yovichic / Hugh Field
Tel: +44 20 7523 8000
Joint Broker
Shore Capital Stockbrokers Limited Dru Danford
Tel: +44 20 7408 4090
Company Secretary & Administrator
Heritage International Fund Managers Limited
Mark Huntley / Laurence McNairn
Tel: +44 1481 716000
Manager
Sniper Capital Limited
Daisy Tang, Corporate & Investor Communications
Tel: +852 2292 6700
Email: info@snipercapital.com
www.snipercapital.com
Stock Codes:
Bloomberg: MPO LN
Reuters: MPO.L
Macau Property (MPO)