MA Financial expands marina footprint with 13th marina purchase
by MA Financial Group 14 Feb 21:54 PST
MA Financial © mafinancial.com
Global alternative asset manager, MA Financial (ASX: MAF), is pleased to advise that the MA Marina Fund has contracted to acquire East Coast Marina in Queensland's Manly Harbour for $33 million. This acquisition expands the Fund's footprint to 13 marinas since it was established by MA Financial in April, solidifying its position as the largest marina group in the southern hemisphere.
Located 20km from the Brisbane CBD, East Coast Marina boasts 330 berths, dry storage for 240 vessels, 595 sqm commercial buildings and 160 vehicles car park. East Coast Marina is the only private marina in the 1,800-berth Manly Harbour, which is Australia's largest.
The closed-end fund offers wholesale investors exposure to Australia's largest marina network, spanning the eastern seaboard. It includes iconic locations like Rushcutters Bay, The Spit, and Cabarita Point in Sydney Harbour, as well as two marinas near Melbourne CBD and two regional NSW marinas - Batemans Bay Marina and Port Macquarie Marina. The Fund is targeting an annual distribution yield in excess of 7% and an 13% plus IRR with potential for further growth by investing in value-add projects and additional acquisitions.
Joint CEO of MA Financial, Julian Biggins, says that the Fund's purchase of the East Coast Marina aligns with the company's strategy, responding to the growing investor interest in alternative real estate assets.
"We're excited with the purchase of East Coast Marina continuing the momentum of our successful MA Marina Fund. Since launch in April 2023, we have received significant and sustained interest in the Fund from domestic and international investors, keen for exposure to defensive, cash-generative assets largely uncorrelated to other asset classes.
"The performance of the portfolio has exceeded our expectations to date, and we believe the industry fundamentals support strong operating performance looking forward."
The East Coast Marina will enhance the Fund's offerings, presenting potential earnings growth opportunities and room for development," Mr Biggins said.
MA Financial Group is largely focused on the active management of alternative assets and has significant investment and operational capability in retail, accommodation hotels, hospitality, and other alternative real estate assets. The firm expects continued growth in alternatives as investor interests shift beyond traditional real estate sectors.