BY Fraser Tennant
In a transaction that expands its portfolio into the marina sector, US alternative investment management company Blackstone is to acquire marina and superyacht servicing business Safe Harbor Marinas for $5.65bn.
The acquisition follows a decision by real estate investment trust Sun Communities – which purchased Safe Harbor for $2.11bn in 2020 – to cut costs and boost revenue contribution from its high-margin core units.
The deal values Safe Harbor at 21 times its estimated 2024 funds from operations – a key measure of profitability in real estate.
Founded in 2015, Safe Harbor Marinas is the largest and most diversified marina owner and operator in the world. It owns and operates 138 marinas across the US and Puerto Rico and is the industry leader in the boat storage and servicing industry.
“We are very pleased with this transaction which further accelerates Sun’s strategy to improve the company’s leverage profile and refocus on our core segments,” says Gary Shiffman, chairman and chief executive of Sun Communities. “I would like to thank the Safe Harbor team for their dedication and hard work throughout our four-year partnership.”
This transaction – which is expected to close in the second half of 2025 – builds on Blackstone Infrastructure’s diverse portfolio, which has grown approximately 40 percent year over year since inception.
The Blackstone subsidiary specifically targets companies operating in industries experiencing sustained growth, driven by favourable market conditions such as rising consumer demand, technological advancements and demographic shifts.
“Marinas benefit from key long-term thematic tailwinds including the growth of travel and leisure as well as population inflows into coastal cities,” said Heidi Boyd, senior managing director in Blackstone’s infrastructure business. “We believe Safe Harbor is the best positioned company in this sector, and we look forward to working with their team to invest behind their existing marinas and to expand their footprint.”
Safe Harbor joins a Blackstone Infrastructure portfolio that includes major industry players such as QTS, the largest data centre provider in the US, AirTrunk, the top data centre platform in the Asia-Pacific region, Carrix, North America’s largest marine terminal operator, and Invenergy, the country’s leading private renewables developer.
Mr Shiffman concluded: “We anticipate that Blackstone will further Safe Harbor’s position as the leading marina and superyacht servicing business in the US.”
News: Sun Communities to sell superyacht unit to Blackstone for $5.65 billion