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Recently Sold Marinas

SOLD Marinas in the Mediterranean Sea and Worldwide

Emerging attractiveness of the marina sector for investors

Marina of Chios
Greece / Chios
200
SOLD / COMPLETED
Port of Recreio de Sines
Portugal
250
SOLD / COMPLETED
Marina Portisco
Itlay, Sardenia
589
SOLD / COMPLETED
Marina Port Blanc
Spain / Valencia
203
SOLD / COMPLETED
Marina of Alimos
Greece / Alimos
1000
SOLD / COMPLETED

Why are investors increasing their interest in marinas?

Even though marinas are infrastructure investments, they are seen by investors as a “real estate” asset. This perception is driven by their high recurrent margins, with relatively low Capex requirements, especially when compared to other port infrastructure. The previous is mainly derived from long standing lease contracts with upfront payments.
In this context, marinas are becoming increasingly attractive for investment funds and banking, private equities, etc. At the same time, the current high fragmentation of the market is encouraging a consolidation process that implies attractive investment opportunities.

Why are investors increasing their interest in marinas?
Investors are increasing their interest in marinas, which are seen as real estate assets that provide interesting risk-reward ratios, for the following reasons:
Low entry barriers: The marina sector is a highly fragmented and mature market, in local and national operators’ hands due to historical regulations (over 3000 marinas in the Mediterranean Sea, accounting for 20% of the world total). In this context, a consolidation process has begun, providing great opportunities for investors to enter this market in a competitive manner and to increase their presence in a relatively rapid manner.
Long-term lease contracts with customers: A significant part of the berth plan is usually allocated by operators to long-term lease/ concession contracts. The rationale of this approach is to benefit from a stable long-term revenue stream with significant upfront payments to reduce financial exposure. The percentage of the total berths used for long-term leases vs rental agreements varies according to the business strategy of each marina.

High recurrent margins: The marina business is characterized by high profitability compared to other maritime businesses. In fact, marina EBITDA margins range between 30%-50% depending on the marina strategy and offering: berth distribution plan by LOA, pricing and tariffs, additional value-added services, etc.

Marinas offer interesting opportunities for investors interested in getting attractive returns with limited investment exposure. Nevertheless, the marina sector is characterized by complex dynamics, sometimes local (small, all-year-round, and long-term occupancy marinas), sometimes competing with marinas very far away (especially for winter marinas or marinas focus on mega-yacht segment). A detailed comprehensive strategic analysis of the asset, entailing the assessment of several aspects driving the business, is the key step to ensure a successful investment. Specially to understand demand drivers, defining the appropriate value proposition in order to maximize profits and returns.

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