Sold sign

MPO completes sale of APAC Logistics Centre and Cove Residence in China



Macau Property Opportunities Fund, managed by Sniper Capital, has sold two properties in the Chinese city of Zhuhai – APAC Logistics Centre and Cove Residence – for a combined total of RMB392m (USD65m).



The fund jointly acquired the sites for USD11m in 2008.
 
Since then, it has developed APAC Logistics Centre into a state-of-the-art logistics facility and Cove Residence into a 484-unit apartment complex.


 
The agreed sale price represents a 34 per cent premium to the September 2013 valuation of the properties and generated a net profit of USD29m – equivalent to an internal rate of return of 21 per cent.


 
MPO chairman David Hinde says: “Our investment in APAC Logistics Centre and Cove Residence was driven by the belief that demand for well-located properties in the area would escalate as Macau and neighbouring Hengqin Island continued to grow rapidly. This divestment has allowed us to generate a significant return on investment for our shareholders.”

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