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Blackstone Buys Marina Portfolio in $5.7B Deal

The marina industry has attractive long-term prospects, Blackstone says.

By Erika Morphy | February 25, 2025 at 05:53 AM

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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