CNMI to acquire Maltese marina
By IBI Magazine
The UK's Camper & Nicholsons Marina Investments (CNMI) has announced that it is to buy Grand Harbour Marina (GHM) in Vittoriosa, Malta for up to €15 million.
Opened in November 2005, GHM is a 230-berth marina that can accommodate up to 30 superyachts from 30m-100m (98ft-328ft) in length. It offers 46,700sq m of lettable berth area, of which some 31,600sq m is for yachts of over 30m (98ft), while 15,600sq m are pontoon berths for yachts of up to 25m (82ft).
The marina was designed with superyachts in mind. To date, seven superyacht berths have been successfully sold on 25-year terms, and the remaining unsold berths are said to represent significant upside potential for CNMI.
Nicholas Maris, chairman and CEO of both CNMI and Marina Management International Limited (MMI), also serves as chairman of GHM and holds a 21.9 per cent stake in the company. In addition, a subsidiary of C&N is currently the manager of GHM under a marina contract entered into in 2004 and due for renewal at the end of 2007.
C&N Marinas and its subsidiaries have been involved with the development of GHM since its inception. In 2001, a C&N subsidiary acquired the development rights to GHM through a 99-year sub-lease. It subsequently carried out the designs and studies to secure planning consent and also introduced co-investors to assist in funding the development of the project.
"The marina is now substantially complete but still requires, as estimated by GHM, approximately €1.0 million to complete outstanding works to the marina and its immediate surroundings," says the company. "With its intimate knowledge of, and ongoing involvement in, the marina and with funds available from its recent flotation, MMI, acting on behalf of CNMI, believes that CNMI is ideally positioned to assist in providing such funding to GHM."
(25 April 2007)
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