MA Financial’s Australia marina fund has added a A$33m (€20m) asset in Queensland to its portfolio.
The MA Marina Fund has acquired East Coast Marina in Queensland’s Manly Harbour, the only private marina in the 1,800-berth Manly Harbour, which is Australia’s largest.
Joint CEO of MA Financial, Julian Biggins, said the fund’s purchase aligned with the company’s strategy and it was in response to the growing investor interest in alternative real estate assets.
“The East Coast Marina will enhance the fund’s offerings, presenting potential earnings growth opportunities and room for development,” Biggins said.
“Since launch in April 2023, we have received significant and sustained interest in the fund from domestic and international investors, keen for exposure to defensive, cash-generative assets largely uncorrelated to other asset classes.”
The closed-end fund offers investors exposure to Australia’s largest marina network, spanning the eastern seaboard. It targets an annual distribution yield above 7% and a 13%-plus internal rate of return with potential for further growth by investing in value-add projects and additional acquisitions.
The latest deal lifts the fund’s total number of marinas to 13, valued at around A$300m.
Biggins added that the performance of the portfolio had exceeded expectations to date.
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