Sale of Zhuhai properties

RNS Number : 6628A

Macau Property Opportunities Fund

24 February 2014

Macau Property Opportunities Fund Limited

("MPO" or the "Company")

MPO completes sale of Zhuhai properties for c. US$65 million

Macau Property Opportunities Fund Limited, managed by Sniper Capital Limited, announces that it has completed the sale of its APAC Logistics Centre and Cove Residence properties in Zhuhai, China, for a total consideration of RMB392 million (US$64.7 million).

The sale generated a net profit of US$29 million, which translates into an internal rate of return of 21%.

Completion terms

Subsequent to receiving a 10% security deposit in August 2013, the Company has now received a further RMB312 million (US$52 million), or 80% of the total sales consideration.

The remaining 10%, or RMB40 million (c. US$6.6 million), will be held in escrow as retention funds and will be released to MPO six months after the completion date, provided no breaches of representations or terms have occurred during this period.

Project background

Strategically located in the western Pearl River Delta, APAC Logistics Centre and Cove Residence were MPO's first investments made in Mainland China. With more than 1.3 million square feet of logistics facilities, the APAC Logistics Centre will be one of the largest multifunctional warehouses in the western Pearl River Delta upon its final completion.

The neighbouring 215,000 square feet Cove Residence, with 484 studio, one-bedroom and two-bedroom units, caters to rising demand for leased employee accommodation in the region. Main construction on both projects has been completed and occupancy permits have now been obtained.

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About Macau Property Opportunities Fund

Macau Property Opportunities Fund Limited is a closed-end investment fund registered in Guernsey and listed on the London Stock Exchange's main market.

Launched in 2006, the Company targets strategic property investment and development opportunities in Macau and Mainland China's western Pearl River Delta. Its current US$475 million portfolio comprises a mix of well-positioned residential and retail property assets.

The Fund is managed by Sniper Capital, an Asia-based property investment manager with an established track record in fund management and investment advisory.

For further information:

Company Registration Number 44813

Website: www.mpofund.com

Public Relations

MHP Communications

Simon Hockridge / Andrew Jaques / James Morgan

Tel: +44 20 3128 8100

Manager

Sniper Capital Limited

Tel: +65 6222 1440 (Investor Contact)

Tel: +853 2870 5151(Fund Adviser)

Email: info@snipercapital.com