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Macau Property to shed retail project for HK$800M

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Macau Property to shed retail project for HK$800M

Macau Property Opportunities Fund Ltd. agreed to sell its Senado Square retail project in Macau to Ardent Success Ltd. and City Universe Ltd. for HK$800 million.

It will sell the issued share capital of a special purpose company that holds Senado Square, it said in a release. Macau Property is shedding the redevelopment project at a 14% premium to the asset's valuation of HK$703 million as at Dec. 31, 2017. It acquired the site, which has the potential to accommodate about 70,000 square feet of modern retail and food and beverage space, for nearly US$16.0 million in October 2007.

Of the sale price, a deposit of HK$15 million is due by Feb. 7, with a net payment of HK$705 million due upon completion of the deal, expected on or before March 29. The remaining HK$80 million will be pledged as a bank guarantee for a six-month period from the completion date.

The sale is subject to shareholder approval.