- The d’Albora marina has been acquired by MA Financial (ASX: MAF)
- The acquisition is accompanied by the launch of MA Marina Fund
- The previous owner of the portfolio, Balmain, is to be a key investor in the fund
Diversified financial services firm, MA Financial (ASX: MAF) acquired the portfolio from fellow diversified financial services firm, Balmain Corporation.
The 10 marinas within the d’Albora network have the capacity to accommodate over 2,700 boats and are complemented by a variety of marine services, recreational facilities, and tourism businesses on-site.
These marinas, all located along the eastern seaboard, include well-known locations such as Rushcutters Bay, The Spit, and Cabarita Point in Sydney Harbour, two marinas near the Melbourne CBD, as well as the management rights of the Port of Airlie marina, which serves as the gateway to the Whitsundays.
After the acquisition of d’Albora by MA Financial, the company will launch the MA Marina Fund, which will be a closed-ended fund providing investors with exposure to all 10 marinas.
The previous owner of the portfolio, Balmain, is set to become a cornerstone investor in the MA Marina Fund with an initial interest of 30%.
The fund is hoped to generate significant interest from both domestic and international markets as it offers the prospect of investing in defensive, cash-generative assets that are largely uncorrelated to other asset classes.
“We are excited to enter the marina sector and welcome this alternate asset investment class to our real estate portfolio.”
Julian Biggins, Joint CEO of MA Financial
“At MA Financial we are largely focused on the specialised and active management of alternative assets, so this unique investment and accompanying new Fund complement our existing solutions,” Biggins says.
“We see a clear investment opportunity for our clients in this asset class. Marinas have characteristics and benefits that set them apart from traditional real estate investments.”
Biggins describes the marina asset class as defensive and cash generative as approximately 90% of revenues relate to boat storage, property rental and boat maintenance.
The long-term performance of the marina asset class was also a factor in the acquisition, according to Biggins.
“Throughout economic cycles, marinas have proven resilient, and the core d’Albora portfolio delivered strong earnings during the Global Financial Crisis and the COVID-19 pandemic.”
