Blackstone Infrastructure will pay about $5.7B for Safe Harbor Marinas, the asset management giant announced Monday.
Safe Harbor, the country’s largest marina and superyacht servicing business, owns and operates 138 marinas across the U.S. and Puerto Rico that will be added to Blackstone Infrastructure’s $55B of assets under management.
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The all-cash purchase price is about 21 times higher than Safe Harbor’s estimated 2024 funds from operations, according to Sun Communities Inc., which is selling the business to Blackstone.
Blackstone plans to invest in Safe Harbor’s existing marinas and expand the company’s footprint, Heidi Boyd, senior managing director in Blackstone’s infrastructure business, said in a news release.
“Marinas benefit from key long-term thematic tailwinds including the growth of travel and leisure as well as population inflows into coastal cities,” Boyd said. “We believe Safe Harbor is the best positioned company in this sector.”
Sun Communities REIT is selling Safe Harbor Marinas as it further shifts its investment strategy toward manufactured housing and recreational vehicle communities, the company said in a statement.
“This transaction allows Sun to focus on our core businesses which operate at high margins and produce durable income streams,” said Jeff Blau, chair of Sun’s capital allocation committee.
Sun Communities acquired Safe Harbor for about $2B in October 2020, when it owned and operated 99 marinas.
A Stock Titan investment analysis gave a thumbs-up to Blackstone’s purchase, noting the marina industry benefits from natural supply constraints on waterfront property, steady revenue from boat storage and services, and increasing demand driven by coastal migration patterns.
The transaction aligns with Blackstone Infrastructure’s diverse portfolio that spans data centers, marine terminals and renewable energy, Stock Titan reported. Blackstone’s infrastructure business has grown 40% year-over-year since its inception, according to Blackstone.
Blackstone Energy Transition Partners last month reportedly agreed to acquire a natural gas power plant in Loudoun County, Virginia, for about $1B.
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