Real estate investment fund Macau Property Opportunity Fund Limited was able to reduce its total debt by approximately US$30 million in the first half of this year after selling several waterside properties.
Macau Property Opportunities Fund (MPO) is a closed-end investment fund registered in Guernsey and the only listed company on the London Stock Exchange specializing in Macau real estate investments.
The MPO is managed by Sniper Capital Limited, an Asia-based real estate investment manager.
The fund previously announced plans to begin selling its US$225 million real estate portfolio this year.
The hotel includes three significant residential assets: Waterside (Tower Six of One Central Residences), Fountainside and Penha Heights.
However, during the year, the value of the fund’s real estate portfolio fell by 1% to about US$205 million.
According to the latest financial report, MPO’s strata sales program for some of the apartments at its Waterside estate generated a gain on sale of US$44.3 million, bringing the fund’s overall debt level from US$131 million in the previous financial year to 1. The amount decreased to USD 500 million.
Since launching The Waterside strata sales program in the second quarter of 2022, MPOhas has achieved total sales of US$44.3 million through the sale of 16 units.
“The environment in which we operate remains challenging. Concerns about China’s economic situation are surfacing, and inflationary pressures are driving up global interest rates,” MPO chairman Mark Huntley said in the group’s latest financial report. I mentioned it in the.
“Executing our divestment strategy was therefore challenging and required us to be agile and creative to deliver a positive outcome.”
Huntley also added that the investment fund is continually evaluating the market to apply the optimal sale strategy to each of its remaining real estate assets, and that debt reduction is MPO’s primary focus in the short term. .