Camper & Nicholsons Marina Investments Ltd ('CNMI' or 'the Company'), the AIM-listed Guernsey-based specialist marina investment company, today announces that its 79.2% owned subsidiary Grand Harbour Marina plc ('GHM') has concluded the grant of berths for long term use of three 75 metre superyacht berths at Grand Harbour Marina, Malta for a combined consideration of approximately Euro10m.
CNMI acquired its holding in GHM, which is listed on the Maltese Stock Exchange, earlier this year for a total gross commitment of Euro16.6m.
GHM has now licensed 10 superyacht berths on a long term basis and has a further 23 superyacht berths which it presently intends to release for long term licensing in phases over the coming years. At the time of GHM's IPO earlier this year approximately Euro4.2m of berth licensing sales were anticipated in 2007 - this target has therefore been exceeded by more than Euro5m. GHM also has 197 berths for yachts of up to 25 metres and these are currently 95% let.
George Kershaw, Chairman of CNMI, said: 'We were confident that our acquisition of GHM represented a good investment for the Company. These berth sales underscore how good that investment is already proving to be. We believe GHM continues to be well placed to benefit from the strong superyacht order book, which currently stands at over 750 yachts worldwide'.
Nick Maris, Chairman of Marina Management International, said 'We are pleased to have accomplished these Berth Sales and that the owners are recognising the advantages of basing their yachts on a long term basis at GHM. The use of the Camper & Nicholsons Marina brand name and management were instrumental in securing these sales and will continue to be important in the future for GHM and our other investments.'