Icon Infrastructure’s latest fund has joined forces with cruise company Royal Caribbean Group to develop cruise terminal facilities.
The Icon Infrastructure Partners VI fund will hold a 90% stake in the partnership with Royal Caribbean owning the remaining 10% interest in the venture which seeks to own, develop, and manage cruise terminal facilities and infrastructure in home ports and key ports of call.
As part of the agreement, Royal Caribbean is expected to receive net cash proceeds of approximately $210m (€202m).
The companies said the new partnership will initially include PortMiami Terminal A, and several development projects in Italy, Spain, and the US Virgin Islands.
The joint venture will also pursue additional port infrastructure developments based on the pipeline of projects as part of Royal Caribbean’s destination development strategy.
The duo expect to provide funding for future expansion in line with their percentage interest.
Jason Liberty, president and CEO of Royal Caribbean Group, said: “Our partnership with Icon is a unique opportunity to catapult us into the coming decades of port investments, build further financial strength, and provide exceptional cruising experiences, responsibly, to our guests at the best destinations in the world.
“Over the last few years, we have developed more destinations than any other cruise company and this new partnership will allow us to implement a capital-light investment framework to accelerate the development of strategic destinations around the world.
”We selected Icon because of our shared strategic priorities – delivering the best experiences in the world, responsibly – and our shared commitment to sustainability, being a committed partner in each of the destinations we visit and exploring the very best locations around the world.”
Iain Macleod, a managing partner at Icon, said: “We are thrilled to be partnering with Royal Caribbean Group to develop, own and manage a portfolio of cruise terminals in key strategic markets.
“Through this partnership, we will provide world-class cruise terminal infrastructure, offering cruise guests more opportunities to see and experience the world in partnership with the Royal Caribbean Group, a world-class operator.”
To read the latest edition of the latest IPE Real Assets magazine click here.