Real estate fund flips Macau office tower
Real estate investment firm Westport Capital Partners and its Hong Kong-based development partner, Tenacity Real Estate Group, have sold a 25-story office building in Macau to an undisclosed buyer for HK$970 million ($125 million).
According to Westport, the building, called 39 Macau, is a 317,000 square-foot complex located in Macau's business district. Westport's investment was first made through an affiliate of the Westport Real Estate Fund I in late 2006. At the time, only 34% of the building was leased to local Macanese companies. Since then, Westport and Tenacity completed a HK$80 million ($10 million) renovation process, which included the installation of a new curtain wall system, the modernization of building systems and the relocation of elevators and escalators. Currently, the building is 87% leased, and its four-floor retail space has 100% occupancy
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