MA Financial snaps up another marina
MA Financial has agreed to buy the Gold Coast City Marina and Shipyard – one of the largest diversified marina and shipyard facilities in the Southern Hemisphere.
The deal is with the Gay Group.
In Coomera, the facility accommodates 100 vessels in wet berths and over 280 in dry storage.
There is also some 30,000 square metres of marine related industrial tenancies including four superyacht sheds.
There is also about 3.5 hectares of hardstand.
Another marina fund asset
The deal comes three years since MA acquired a portfolio of d’Albora Marina branded assets for a total $225m, for the then new MA Marina Fund, which invests in marine infrastructure with established income and long-term growth potential.
The Gold Coast property will also be held by that entity.
It will also expose the group to the superyacht refit and servicing segment.
“This acquisition delivers immediate scale and capability to the d’Albora network and represents a meaningful addition to the fund,” MA Financial head of Alternative Real Estate, Brad Couper, said.
“Gold Coast City Marina offers operational diversification across berthing, refit and marine services, tenancy revenue and hardstand offerings,” he added (continues below).
“It is a highly complementary addition to our existing portfolio and aligns with our strategy of growing a high-quality east coast marina platform,” according to the executive.
Cash generative, defensive assets: MA
In Melbourne, the MA Marina Fund owns a portion of Victoria Harbour in Docklands and, in Port Melbourne, Pier 35.
The Sydney portfolio is more comprehensive including boating destinations at Rushcutters Bay, The Spit and Cabarita Point.
It also controls Nelson Bay at Port Stephens, 50 kilometres north of Newcastle.
“Marinas represent defensive, cash-generative assets that have delivered consistently strong returns for our investors,” MA joint chief executive officer, Julian Biggins, said.
“Gold Coast City Marina adds a strategically located operation with established earnings to the portfolio,” he added.
“Demand for premium berthing and servicing remains firm, supply of well-located assets is constrained and replacement costs are increasing,” according to the executive.
“Assets of similar scale and quality were tightly held and the firm would continue to deploy capital where it saw durable earnings and clear growth opportunities”.
Subscribe to our newsletter at the bottom of this page.
