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.”