Asian property investment manager Sniper Capital has negotiated an additional US$33 million of free cash for its Macau Property Opportunities Fund (MPO) through a combination of new loan facilities and restructuring of existing debt covenants.
The US$30 million was generated with Hang Seng Bank (a principal member of the HSBC Group), with US$13 million being via a top-up facility against MPO’s premium luxury tower The Waterside located at Macau’s exclusive One Central Residences, and a further US$17 million through the restructuring of an existing loan facility. The balance of US$3 million was secured via the refinancing of a luxury private house in Macau’s prestigious neighbourhood of Penha Hill.
MPO’s total cash balance following these debt deals rises to over US$55 million. Total debt obligations increase to US$142 million – a still conservative overall loan-to-value of about 24%.
Tom Ashworth, principal of Sniper Capital, commented: “These successful debt negotiations demonstrate the strength of Sniper Capital’s banking relationships and capabilities as a focused and efficient manager of real estate assets in Asia. We will continue to employ proactive strategies which enhance value for shareholders across all our funds.”
