With €18m revenue from 13 permanent superyacht berth holders and the launch of a €10m bond, the Grand Harbour Marina (GHM) is putting its large yacht facilities to positive use in generating cash resources. Although a public company, GHM is part of the CN Marinas portfolio and is a key location in Malta for berthing superyachts. Over the past couple of years some 230 superyachts have visited GHM ranging from 30m to 130m and the selling of berths has proven a successful activity for the company.

The €10m bond includes an over allotment of €2m and it will pay interest at 7 per cent and mature in 2017-2020. The proceeds of the bond are intended to be used to refinance existing debt, invest more within GHM and Malta and also possibly co-invest with CN Marinas internationally.

The closing date for applications is February 15. Manager and registrar for the bond is the HSBC Bank Malta plc while Rizzo Farrugia & Co. Stockbrokers Ltd is the sponsor.

Commenting on the bond GHM director and CN Marinas CEO Nick Maris said that:"GHM and C&N together form a strong team, well positioned to develop the existing business and to take advantage of the investment opportunities currently available in the attractive marina sector."

Marina manager Ben Stuart told The Times of Malta that: "Although we have registered great international success by selling 13 superyacht berths, we are continuing to offer more berths for sale for which interest remains strong and constant. One of the main reasons to which this success can be attributed would be the constant support which has been forthcoming from successive governments of Malta that supported the yachting sector in many important ways."


Superyacht Business, 20 January 2010