Queensland marina acquired in multi-million deal

Australian alternative asset manager MA Financial has acquired East Coast Marina in Queensland’s Manly Harbour for A$33m (US$21.6m).

This acquisition, conducted by the MA Marina Fund, expands the fund’s footprint to 13 marinas since it was established by MA Financial in April 2023, solidifying its position as the largest marina group in the southern hemisphere.

Located 20km from the Brisbane CBD, East Coast Marina has 330 berths, dry storage for 240 vessels, 595 sqm commercial buildings and a 160-vehicle car park. East Coast Marina is the only privately owned 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 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.

MA says the fund is targeting an annual distribution yield in excess of 7 per cent and a 13 per cent plus IRR, with potential for further growth by investing in value-added projects and additional acquisitions.

“We’re excited with the purchase of East Coast Marina continuing the momentum of our successful MA Marina Fund,” says joint CEO of MA Financial, Julian Biggins. “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.”

In 2023, MA Financial acquired Australia’s largest marina network, d’Albora, from Balmain Corporation. The deal, which comprised d’Albora’s portfolio of 10 marinas across Australia‘s eastern seaboard, was worth A$225m.

The group launched the MA Marina Fund as part of the agreement, offering exposure to in-demand alternative real estate assets.

MA Financial Group is largely focused on the active management of alternative assets, including retail, accommodation, hotels and hospitality. The firm says it expects continued growth in alternatives as investor interests shift beyond traditional real estate sectors.

Main image courtesy of East Coast Marina.