CB Richard Ellis (CBRE) has successfully concluded its strategic review of Camper & Nicholsons Marina Investments Ltd (CNMIL), the AIM-listed company specializing in the development and management of premium branded marinas internationally.
This strategic investment in CNMIL by First Eastern is accompanied by the announcement of an intention to form a new joint venture company, Camper & Nicholsons First Eastern Limited, to exploit growing marina related management and investment opportunities primarily in China. The joint venture will be 50% owned and funded by First Eastern and 50% by CNMIL.
Commenting, Robin Hubbard, Executive Director at CBRE, said: "Following an extensive exploration of potential options for the business, we believe that the partnership in Asia with First Eastern will be a major driver of profitable growth for CNMIL.
"The injection of new equity not only puts the company on a firm footing to exploit these opportunities, but also aligns the interests of all parties and endorses the inherent value of the existing business and its future prospects."
David Batchelor, Head of Leisure & Alternative Investment at CBRE, added: "The unique combination of our understanding of the marina market allied to our corporate finance expertise enabled CBRE's advisory team to bring the strategic review to a successful conclusion, while still retaining CNMIL's flexibility in the future."
In July, CNMIL also announced that it had signed a long-term agreement to manage Yas Marina on Yas Island in Abu Dhabi, one of the most prestigious marinas in the Middle East. This follows the announcement at the ICOMIA conference in Singapore at the end of May that CNMIL had signed a memorandum of understanding with BR Marinas, Brazil's leading marina group, to cooperate in the growth of luxury marinas in Brazil.
Source: CB Richard Ellis