Ardent Leisure sells its 1,300 d'Albora marina berths

Ardent Leisure sells its 1,300 d'Albora marina berths
Ardent Leisure sells its 1,300 d'Albora marina berths

Ardent Leisure has sold the d'Albora Marinas portfolio for $126 million.

It has been bought by a jointly owned syndicate headed by Goldman Sachs and Sydney‐based commercial property lender and fund manager Balmain Corporation.

The sale of the country's largest marina portfolio was at a 11 per cent premium to its current book value of $113.5 million.

It was listed in March as Ardent's focus is on its Main Event entertainment operation and theme parks.

The company also sold its health clubs earlier this year.

The portfolio comprises seven high-profile marinas with more than 1300 berths at Rushcutters Bay, The Spit and Cabarita Point in Sydney, two marinas adjacent to the Melbourne CBD and two at Nelson Bay and Akuna Bay, north of Sydney.

The portfolio delivered earnings before tax of $10.2 million in FY16 representing a yield of more than 8 per cent.
 
Balmain Corporation, which has more than $6 billion of assets under management, has partnered with Goldman Sachs on a number of acquisitions including the $43 million deal to buy the Martha Cove Marina project on the Mornington Peninsula last year.
 
Ardent has also agreed to complete $5.6 million of pre‐planned capital expenditure projects.   

"The group's decision to prepare d'Albora Marinas for sale with extended lease tenure, targeted capital works and a transparent sale process has ensured that the maximum value for investors has been realised," Ardent chief executive Deborah Thomas advised.

The sale of the d'Albora Marinas was handled by McVay Real Estate marketing it as representing over 1,300 berths, substantial water and land leases along with development opportunities. 

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Marina Ardent Leisure

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