CN Marinas aquires Cesme Marina
Camper & Nicholsons Marina Investments Limited (“CNMI” or “the Company”), the AIM-listed specialist marina closed-ended investment company that floated in January 2007, today announces its first acquisition.
CNMI is acquiring, in a joint venture with IC Ictas Insaat A.S. (“IC”), part of a substantial Turkish conglomerate, a 25-year “Build, Operate and Transfer” (“BOT”) contract on Cesme Marina (“Cesme”) in the Izmir region of Turkey. The Company will have a 45% interest in the marina, which is currently under development, but will have 50% of the board voting rights.
No upfront purchase price is payable for CNMI’s interest in the BOT contract but, in addition to an annual indexed rental payable to the Turkish Government, the Company will be investing Euro 3.78m, inclusive of costs, over the next 12 months. This contribution represents CNMI’s share of the required expenditure to complete the development of Cesme. Infrastructure works have been substantially completed by the Turkish government.
On completion Cesme will provide 375 berths, with on-shore storage for a further 100 boats. There is also permission for 6,000 sq m of associated development space comprising marina services and general commercial buildings, including retail, restaurants and offices. It is anticipated that Cesme will be fully open and operational by April 2008.
George Kershaw, Chairman of CNMI, said: “I am delighted to be announcing our first acquisition soon after our successful AIM listing, where we raised Euro 50m of equity capital for the development and operation of marinas around the Mediterranean and the US.
Our partnership with IC brings together a wealth of marina development and construction expertise in one joint venture. This area of Turkey has seen tremendous growth in recent years especially in the marine and general tourism sectors which we believe will enable us to generate excellent returns for shareholders.”