C&N Marina Investments Ltd completes West Indies Marina Acquisition

Camper & Nicholsons Marina Investments Ltd ('CNMI' or 'the Company'), the AIM-listed Guernsey-based specialist marina investment company, today announces that it has completed its acquisition of the marina at Port Louis, located in St George's, the capital of Grenada, West Indies and certain marina related real estate for US$24m.

Comprising approximately 100,000 sq m of water area, held on a 99-year lease, of which over 40,000 sq m is lettable berth area, the marina at Port Louis will accommodate over 300 yachts, including 60 superyachts of up to 100m in length. The marina has already opened with 50 serviced berths, an early visitor was Maltese Falcon one of the world's largest privately owned sailing yachts.

The marina at Port Louis is self-contained both with its own secure access and complete control over the facilities required to fully operate and market the marina as a stand-alone entity. It is anticipated, however, that the marina at Port Louis will benefit from being a key part of the wider Port Louis development.

The US$500m Port Louis development project borders CNMI's marina and continues to be promoted by Peter de Savary. The project will include penthouses, apartments, luxury villas, beachfront lots, waterfront restaurants, bars, clubs, hotels & spa, duty-free boutiques and art galleries.

It is anticipated the final cost of the marina at Port Louis, which will include high technology marina systems, and a world-class capitainerie, is projected to be US$36m. As part of the acquisition CNMI is also purchasing approximately 23,800 sq m of land (including reclamation rights), for mixed-use development for which planning consent has been granted.

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