Southern hemisphere’s largest marina fund spends again

LAWD listed for sale Queenscliff Harbour last year.
MA Financial last week seeded a fund with a $96 million Docklands hotel.

MA Financial has bought the only private piece of Queensland’s Manly Harbour for a 10 month old fund – now the southern hemisphere’s largest marina group.

The 330-berth East Coast Marina (pictured, top), also with a 595 square metre commercial component, 160 car parks, and dry storage for 240 vessels, is costing $33 million.

It is the 13th asset for the MA Marina Fund which launched with a $225m portfolio of 10 assets, including Horizon Shores, between Brisbane and the Gold Coast.

That deal, with d’Albora, was struck at an eight per cent yield.

In October, the manager outlaid $20m for marinas in New South Wales’ Batemans Bay and Port Macquarie.

With more acquisitions planned, including properties it can add value to, the fund is targeting a 7pc plus annual distribution and 13pc internal rate of return.

MA invests again

The Manly deal comes a week since the alternative fund manager paid Hiap Hoe $96m for the Four Points at Sheraton, in Melbourne’s Docklands, soon to be rebranded Vibe Docklands, to seed the MA Accommodation Fund.

Last September meanwhile, for another mandate, it paid Emmett Property c$50m for a near new 3.5 hectare business park in Adelaide’s Regency Park (story continues below).

The Manly asset is 20 kilometres east of Brisbane’s CBD.

McVay Real Estate’s Dan McVay and Glenn Bechte marketed the Manly property, 20 kilometres east of Brisbane’s CBD, for the family which created it in 1980.

Development upside

In Victoria, the MA Marina Fund holds Port Melbourne’s Pier 35 and parts of Victoria Harbour Marina, in Docklands and Martha’s Cove, on the Mornington Peninsula.

“The…purchase of the East Coast Marina aligns with the company’s strategy, responding to the growing investor interest in alternative real estate assets,” MA Financial joint chief executive officer, Julian Biggins, said.

“Since launch…we have received significant and sustained interest…from domestic and international investors, keen for exposure to defensive, cash generative assets largely uncorrelated to other asset classes,” he added.

“The performance of the portfolio has exceeded our expectations to date and we believe the industry fundamentals support strong operational performance looking forward,” according to the executive.

“The East Coast Marina will enhance the fund’s offerings, presenting potential earnings growth opportunities and room for development”.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of