Grand Harbour Marina plc - Grants for 3 super yacht berths

Grand Harbour Marina plc announced on 4 December that it concluded the grant of three superyacht berths for long term use at Grand Harbour Marina for a combined consideration of approximately €10 million.

At the time of the Initial Public Offering the Company had projected toal berth sales during 2007 of approximately €4.2 million. Grand Harbour Marina has a further 23 superyacht berths which it presently intends to release for long term licensing in phases over the coming years. The combined value of these berths at historic prices exceeds €30m. Moreover the Company also has 197 berths for yachts up to 25 meters which are currently 95% occupied.

Grand Harbour Marina stated: “We are delighted that through our managers, Camper & Nicholsons, we have secured these sales which have permitted us to exceed our 2007 berth license sales target by over €5 million. Once again we have seen that international superyacht owners recognize the many advantages of basing their yachts on a long term basis at Grand Harbour Marina”.

Chairman of Camper and Nicholsons Marina Investments Limited which acquired a 79.2% shareholding in Grand Harbour Marina for €16.6 million stated: “We were confident that our acquisition of Grand Harbour Marina reoresented a good investment. These berth sales underscore how good that investment is already proving to be”.

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