Blackstone Infrastructure has agreed to acquire the Safe Harbor Marinas portfolio from Sun Communities for $5.65 billion in an all-cash transaction. This acquisition marks a substantial bet by the investment manager on the US boating sector and highlights the increasing value of marina real estate.
The purchase price, which is subject to post-closing adjustments, represents approximately 21 times Safe Harbor's estimated 2024 funds from operations. Sun Communities, which acquired Safe Harbor in 2020 for $2.11 billion, expects to book a gain of about $1.3 billion on its four-year investment. The transaction is slated for an initial closing in the second quarter, with certain properties representing about 10% of the total consideration potentially transferring in subsequent closings.
For Sun Communities, a REIT that also invests in manufactured housing and recreational vehicle communities, this sale aligns with its strategic goal of refocusing on its core business segments. The company plans to use the estimated $5.5 billion in pretax proceeds for debt reduction, shareholder distributions, and reinvestment in its primary operations.
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Blackstone's interest in Safe Harbor Marinas stems from the attractive long-term prospects of the marina industry. "Marinas benefit from key long-term thematic tailwinds, including the growth of travel and leisure as well as population inflows into coastal cities,” Heidi Boyd, senior managing director in Blackstone's infrastructure business said in a statement.
The marina and yacht servicing sector has shown resilience and growth potential, particularly in the wake of the COVID-19 pandemic, which drove renewed interest in boating. While boat sales can fluctuate with consumer sentiment, storage slips tend to be in short supply across economic cycles, creating opportunities for marina owners to modernize properties and increase rents.
Furthermore, a trend toward larger superyachts with affluent owners has opened up new revenue streams for marinas through expanded service offerings. Safe Harbor's portfolio, which includes 138 marinas across the US and Puerto Rico, positions it well to capitalize on these industry trends.
Blackstone's acquisition further reflects confidence in the upside of the marine leisure sector. As coastal cities attract more residents and travel and leisure activities rebound post-pandemic, marinas are poised to benefit from increased demand. Blackstone's investment not only represents a significant shift in the ownership of prime marina real estate but also signals the potential for further investment and development in the US boating and marine services market.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
