Blackstone Infrastructure has agreed to acquire the Safe Harbor Marinas portfolio from Sun Communities for $5.65 billion in an all-cash transaction. This acquisition marks a substantial bet by the investment manager on the US boating sector and highlights the increasing value of marina real estate.
The purchase price, which is subject to post-closing adjustments, represents approximately 21 times Safe Harbor's estimated 2024 funds from operations. Sun Communities, which acquired Safe Harbor in 2020 for $2.11 billion, expects to book a gain of about $1.3 billion on its four-year investment. The transaction is slated for an initial closing in the second quarter, with certain properties representing about 10% of the total consideration potentially transferring in subsequent closings.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
