Get Nice (HK:xxx), a hk-listed securities firm is also getting in on the property game in Macau.
GN has bought 50% of the Grand Waldo hotel (see below) in Macau for hk$1.54 billion from operators Cheng Kwee and Yeung Chi-hang. This transaction will give GN a guaranteed 8% return for 5 years. GN may also consider getting involved in the casino operations thru a VIP room
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GN's partner is Macau Prime Properties (MPP), and other investors, who together hold the remaining 50%.
After the acquisition, GN will hold an indirect 25% stake in the three building grand Waldo complex. MPP will hold 20%, and businessman Cheung Chung-kin 5%.
The sale values the complex and underlying land at hk$2.5billion. The buyers will pay mr,cheung and mr.yeung hk$988.5mn and assume hk$550 million in outstanding zero interest debt owed to the pair.
Grand Waldo has a 168-table casino, a 318-room hotel, and a spa. The buyers will not be entitled to gaming revenues, but will receive rent from the tenants.
