US marina operator tests the waters for US$2bn sale

Insiders with knowledge of the matter tell Bloomberg News that American Infrastructure Funds (AIF) is exploring the sale of its Dallas, Texas-based Safe Harbor Marinas, expecting to fetch more than $US2bn for what is touted as the largest marina operator in North America.

Sources tell the news organisation that AIF is talking with consultants and seeking infrastructure and real estate investment firms, in part because of the scarcity of marina properties.

American Infrastructure Funds is the majority owner of Safe Harbor, which saw major cash infusions from both Koch Real Estate Investments – an affiliate of Koch Industries – in July of 2018 and a US$41m bump from Weatherford Capital, a Tampa, Florida-based private equity firm this past November.

Since 2018, Safe Harbor has been on an aggressive acquisition tear, adding five marina properties in Michigan and South Carolina in October of 2018. In 2019 it acquired its 90th marina in November of that year.

Bloomberg News reports that representatives for American Infrastructure Funds, Koch and Safe Harbor didn’t immediately respond to requests for comment.