Camper & Nicholsons Marina Investments Ltd ('CNMI' or 'the Company'), the AIM-listed Guernsey-based specialist marina investment company, today announces that it has exchanged contracts to acquire 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 from Port Louis Land Ltd and Port Louis Trading Ltd.
The acquisition cost is substantially payable on completion in early January 2008. The final cost of the marina, which will include high technology marina systems, and a world class capitainerie, is projected to be US$36 million. 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 detailed planning consent is in place.
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 between 30m and 100m in length. The marina has already opened with 50 fully serviced berths, including 14 superyacht berths.
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$500 million 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.
The investment advisor, Camper & Nicholsons Marinas International Limited ('C&N')has been instrumental in originating the marina at Port Louis acquisition and in providing the considerable technical and financial due diligence required to enable successful completion. C&N will continue to have a hands-on role in the ongoing operation, marketing and promotion of the marina at Port Louis via a standard form marina operating agreement between the Company and the Manager.
George Kershaw, Chairman of CNMI, said: 'Port Louis marks a further step in our program of acquiring and developing strategically located marinas. Port Louis will be a flagship Caribbean marina with an important capacity for the fast growing superyacht fleet. The Government of Grenada has been pro-active in establishing a yacht friendly legislative and fiscal climate that will assist the further growth of yachting in Grenada. This will benefit the Grenadian economy as well as our company and our shareholders.'
Nick Maris, Chairman of Marina Management International Limited (CNMI's Manager), said: 'With this acquisition we have now committed around Euro45m representing about 45% of CNMI's current total investment capacity. We have a number of exciting additional investment opportunities which we are actively pursuing. Coupled with our recent success in selling some Euro10 million of superyacht berths at CNMI's Grand Harbour Marina in Malta, we are building real value for CNMI's shareholders in a growth sector which has shown resilience in difficult times, and which continues to exhibit very favourable supply / demand fundamentals.'
Peter de Savary, Chairman of the Port Louis development, said: 'Port Louis is Grenada's answer to St Barts, St Tropez, the Costa Smeralda, and Portofino. My commitment to Port Louis is 'nothing but the best' and that's exactly what Camper & Nicholsons are bringing - a world class marina and the highest quality of service.'
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