Balmain Corporation completes acquisition of d'Albora Marinas

Balmain Corporation completes acquisition of d'Albora Marinas
Balmain Corporation completes acquisition of d'Albora Marinas

Balmain Corporation has completed the purchase of D’ALBORA Marinas from Ardent Leisure.

The deal was valued at $126 million when it was announced last year.

Goldman Sachs and Sydney‐based commercial property lender and fund manager Balmain Corporation formed a joint syndicate to buy the portfolio from Ardent Leisure.

D’ALBORA Marinas comprises seven marinas 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 marinas currently offer boat users 1,700 berths alongside more than 200 retail outlets, providing a various amenities.

The acquisition bolsters Balmain’s current maritime portfolio which includes Martha Cove, Horizon Shores and Port of Airlie. 

The combined group will have 3,000 berths spanning the eastern seaboard of Australia.

“Our strategy is to change the way marinas operate in Australia by significantly deepening the customer service offering,“ said Andrew Griffin, CEO of Balmain Corporation. 

“Marina customers should be entitled to be treated like hotel guests and the breadth of our holdings will allow us to start this journey for D’ALBORA customers. 

He added that Balmain Corporation will set up concierge/valet services, food and beverage and upgrade amenities at its marinas.

Building upon their maritime expertise over the past decade, Balmain anticipates a smooth transition for D’ALBORA’s staff, customers, tenants and suppliers.

Brett Bolton will remain as CEO of D’ALBORA.

Tags: 
Commercial Investment Marina

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