A London-listed property fund owned by Sniper Capital has sold a retail development site in Macau for more than its latest valuation.
The property investment manager said Macau Property Opportunities Fund sold Senado Square, a 70,000sqtt retail development project to a local developer for HK$800m (β¬82.1m).
The sale price is around a 14% premium to the propertyβs recent valuation, Sniper Capital said. The disposal amount is also above the HK$124.8m it cost to buy the asset in 2007.
Tom Ashworth, a principal at Sniper Capital, said: βThe sale of Senado Square β at a significant premium to valuation β adds to Sniper Capitalβs strong track record of successful divestments and asset stewardship.
βIt is an excellent example of our ability to stay the course and add value to assets to achieve a great outcome for our investors.β
The fundβs remaining properties include its flagship residential asset The Waterside, a premium luxury en-bloc tower located in Macauβs preeminent development, One Central Residences.
βWe remain confident in the appeal these properties hold to investors seeking value opportunities in one of Asiaβs most compelling and attractively positioned property markets,β Ashworth said.
Martin Tacon, a principal at Sniper Capital, said Sniper Capital currently manages and advises on a diverse range of real estate assets worth over US$600m (β¬483.5m) across Asia, the UK and Southern Europe.
βOur experience and success in Macau and southern China have given us the team and platform to continue to identify emerging trends and themes across a wide range of property markets. We are currently working on some excellent opportunities to strategically deploy capital and add value to real estate assets.β
