d’Albora marinas sold for $126 million
Balmain Corporation and Goldman Sachs joint venture acquires marina group.
After a lengthy sale process, Ardent Leisure Group has agreed to sell its d’albora Marina portfolio for $126 million. The buyers are a joint venture syndicate owned by Balmain Corporation and Goldman Sachs.
Ardent Leisure announced in March that it was putting the d’Albora group up for sale to help fund expansion of its US-based entertainment centres. The marina group comprises seven marinas including the high profile Rushcutters Bay location, two marinas in Melbourne as well as at Nelson Bay and Akuna Bay in NSW. Together, these sites total more than 1,300 berths.
The sale is expected to be completed by the end of June 2017 and is dependent on securing landlord consents for the transfer of head leases. Ardent Leisure has also committed to complete capital expenditure projects worth approximately $5.6 million before finalising the sale.
“The group's decision to prepare d'Albora Marinas for sale with extended lease tenure, targeted capital works and a transparent sale process has ensured that the maximum value for investors has been realised,” said Ardent Leisure Group CEO, Deborah Thomas. “The agreed sale price of $126 million represents a premium to current book value and will improve the balance sheet capacity of the group.”