Macau Property Opportunities Fund has completed its first warehouse property investment near the former Portuguese colony.

The AIM-listed fund, managed by Sniper Capital, has bought a 1.1m sq ft site in Zhuhai, southern China near the Macau border, for a combined purchase and development price of $45m (£24.4m), from undisclosed sellers.

Sniper Capital has purchased the site as it seeks to diversify its portfolio.

While the fund manages some commercial property, the majority of assets under management are residential.

The site will be developed to serve the expanding distribution needs of Macau’s hotels and casinos. Sniper Capital expects to develop 1.4m sq ft of warehousing at the scheme.