Macau Property Opportunities Fund NAV up 10.7 per cent
March 2010 | propertyfundsworld.com
Macau Property Opportunities Fund has an adjusted net asset value per share of USD2.49 or 161p at 31 December 2009, representing an uplift of 10.7 per cent in dollar terms and 18 per cent in sterling terms during the six-month period.
The property portfolio was valued at USD309m, up 12 per cent for the six-month period.
MPO's cash balance was USD36.8m as at 31 December 2009, ensuring sufficient liquidity for operating requirements.
The overall loan-to-value is 23.8 per cent following the drawdown of a USD82m credit facility in August 2009.
MPO's shares traded at a narrower discount to adjusted net asset value. In the six months under review, the discount narrowed from 44 per cent to 22 per cent
David Hinde (pictured), the company’s chairman, says: "As we enter the asset management and development stages of our investment cycle, MPO is continuing to demonstrate real value creation for its shareholders.
"We are proud to have launched our major asset, Tower Six at One Central Residences, as The Waterside which sets a new benchmark for luxury accommodation in Macau.
"The 10.7 per cent uplift in our adjusted NAV since 30 June 2009, reflects the quality of our strategically positioned portfolio, which leaves us well placed to capitalise on Macau’s next era of economic growth."