MPO’s share price discount to NAV narrows to 19 per cent in Q3
The Macau Property Opportunities Funds’ (MPO) share price discount to NAV narrowed to 19 per cent in the third quarter, helped by further share buy backs and well-received full year results.
The fund repurchased 1.5 million of its shares at 168.5p each during the quarter, reducing its issued share capital to 88.5 million shares.
Demand for MPO’s The Waterside apartments remains strong. With occupancy stabilised, the focus is now on driving rental growth and improving tenant quality.
MPO has secured the provisional sale of Zhuhai properties for USD64m. A non-refundable deposit equivalent to 10 per cent of sales price has been received with completion expected in Q1 2014.
The average price of MPO’s completed flats grew six per cent quarter-on-quarter to reach USD733 per sq ft at the end of the second quarter.
MPO is planning to recommence the final sales programme for The Fountainside by Q1 2014, once the necessary licences are obtained.
MPO’s accumulated gaming revenues have reached USD33bn to-date, outperforming analyst expectations.