Macau (MNA) – Sniper Capital Limited-owned Macau Property Opportunities Fund (MPO) has reported that its portfolio value appreciated 2.3 per cent year-on-year to US$338.4 million (MOP2.72 billion) for the six-month period ended June 30, 2018.
According to a release from the London Stock Exchange this week the chairman of MPO, Chris Russell, said “This year marked an important milestone for MPO, as we made meaningful progress in our asset divestment programme with the disposal of Senado Square.”
“The financial security provided by the sale of Senado Square, the continuing recovery in Macau, the manager’s record of delivering value, and the time afforded by the continuation vote, all place MPO in a strong position to realise its remaining assets and to return capital to shareholders,”Russell concluded.
In April, Sniper Capital confirmed to Macau News Agency (MNA) that the HK$800 million Senado Square projecthad been bought by Ardent Success Limited and City Universe Limited.
Some US$50.5 million was distributed post year-end to shareholders by way of a compulsory redemption of shares, representing 62 per cent of the net profit from the divestment of Senado Square.
Three properties were highlighted by MPO in its filing; namely, The Waterside, The Fountainside and Estrada da Penha.
For The Waterside, average monthly rental appreciated 22.5 per cent year-on-year to US$2.78 per square foot as occupancy rose to 70 per cent, boosted by 26 new leases and 20 renewals.
