25th Jan 2008 07:00
Macau Property Opportunities Fund25 January 2008 Macau Property Opportunities Fund Limited ("MPO" or the "Company") New Investments of US$35m Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited,today announces further property investments totalling US$35 million inaggregate value. These properties form part of the Company's ongoingcomplementary strategy of acquiring well-located and attractively priced smallerproperty assets in key locations across Macau. Since Admission to AIM, the Company has invested, or committed to invest,approximately US$227 million (equivalent to 120% of its total equity raised) andcontinues to progress negotiations on an attractive pipeline of sites totallingapproximately US$550 million in combined acquisition value. Further Details: • These properties have been purchased by MPO in a series of acquisitions as part of the ongoing complementary strategy of acquiring well-located and attractively priced smaller property assets. • The Company believes that these assets offer the potential for significant capital appreciation as investment properties in their own right as well as through consolidation, refurbishment or redevelopment. • The total amount invested to-date in such properties now amounts to US$52 million. • Of this amount, US$48 million has been spent on acquiring 24 residential units located across various towers in One Central, the premium mixed-used development in which the Company purchased a luxury residential tower (Tower 6) in November 2006 for US$86.60 million. • These additional units, all well located with superior aspects, increase the Company's total combined gross floor area in the project by 34% to a total of approximately 200,000 square feet, representing 12% of the total residential floor space in the development. The Company continues to believe in the unprecedented quality and positioning ofOne Central, which is due for completion in 2009. The project's uniqueness andvalue is further enhanced by the fact that other premium luxury residentialdevelopments being planned in Macau continue to experience ongoing delays inobtaining the necessary planning permission and/or construction permits. TheManager therefore believes that secondary market demand for residential units inOne Central will remain strong as the project nears completion and thesurrounding area continues to be transformed. It is the Company's current intention to retain all units purchased in thedevelopment at least until their expected completion in 2009. When deciding uponits investment strategy, the Manager will closely consider a range of factorsincluding market conditions, supply/demand trends and prevailing yields forpremium luxury properties in Macau. David Hinde, Chairman of MPO said: "The Company's niche strategy of purchasingsmaller individual properties on an opportunistic basis, demonstrates theManager's flexible investment approach. One Central is set to become the retailand residential destination of choice in Macau and the additional unitspurchased by the Company leaves it well positioned within this unique andprestigious development." --Ends-- About Macau Property Opportunities Fund Macau Property Opportunities Fund (MPO), which raised £105 million in a Placingand commenced trading on the Alternative Investment Market of the London StockExchange on 5 June 2006, is a closed-end investment company incorporated inGuernsey. MPO focuses on investing in property opportunities primarily in Macau,but also potentially in the Western Pearl River Delta region and in exceptionalcircumstances, greater China. The Company's investment policy is to provideshareholders with an attractive total return, which is expected to compriseprimarily capital growth, but with the potential for dividends over the mediumto long term. The Manager of MPO is Sniper Capital Limited and the Investment Adviser isSniper Capital Management Limited. About Sniper Capital Limited Sniper Capital is an independent investment manager specialising in propertyinvestment in niche, undervalued and developing markets. The Company'sinvestment strategy is to identify, acquire and develop properties clearlydifferentiated by location, value and sustainability of demand. Sniper Capitalcurrently manages two funds with combined assets of US$250 million. For further information: Website: www.mpofund.com Public RelationsHogarth Partnership LimitedAndrew Jaques / Sarah RichardsonTel: +44 20 7357 9477 Nominated Adviser and Joint BrokerCollins Stewart Europe LimitedHugh FieldTel: +44 20 7523 8325 Joint BrokerShore Capital Stockbrokers LimitedDru DanfordTel: +44 20 7408 4090 Company Secretary & AdministratorHeritage International Fund Managers LimitedMark Huntley / Laurence McNairnTel: +44 1481 716000 ManagerSniper Capital LimitedCorporate and Investor CommunicationsDaisy TangTel: +852 2292 6700Email: [email protected] Stock Codes: Bloomberg: MPO LNReuters: MPO.L This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Macau Property