- Blackstone Infrastructure is acquiring Safe Harbor Marinas for $5.7B, adding 138 marinas across the US and Puerto Rico to its $55B in AUM.
- The all-cash deal values Safe Harbor at 21 times its estimated 2024 funds from operations.
- Sun Communities REIT is selling the marina business as it refocuses on manufactured housing and RV communities.
- The purchase aligns with Blackstone’s strategy, leveraging waterfront real estate’s supply constraints and demand from coastal migration trends.
Blackstone Infrastructure (BX) is making waves in the marina industry with a $5.7B all-cash acquisition of Safe Harbor Marinas, the US’s largest marina and superyacht servicing operator. According to Bisnow, the deal will expand Blackstone’s infrastructure portfolio by adding 138 marinas spanning the US and Puerto Rico.
Safe Harbor, previously owned by Sun Communities REIT (SUI), benefits from strong demand in the boating and waterfront property markets, which have grown due to increased leisure travel and migration to coastal cities.
Why It Matters
Sun Communities acquired Safe Harbor for $2B in 2020 when it operated 99 marinas. With nearly 40% more properties under its belt, the company is cashing out at a significant premium. The sale allows Sun Communities to focus on higher-margin manufactured housing and RV parks, which it views as core to its long-term investment strategy.
“This transaction allows Sun to focus on our core businesses, which operate at high margins and produce durable income streams,” said Jeff Blau, chair of Sun’s capital allocation committee.
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Blackstone’s Long-Term Vision
Blackstone sees significant growth potential in the marina industry, citing supply constraints on waterfront property, recurring revenue from boat storage and services, and increasing demand due to coastal migration patterns.
“Marinas benefit from key long-term thematic tailwinds including the growth of travel and leisure as well as population inflows into coastal cities,” said Heidi Boyd, senior MD in Blackstone’s infrastructure business.
The acquisition aligns with Blackstone Infrastructure’s diversified portfolio, which includes data centers, marine terminals, and renewable energy assets. Since its inception, Blackstone’s infrastructure business has expanded 40% YoY.
What’s Next?
Blackstone plans to invest in Safe Harbor’s existing marinas and expand its footprint, further strengthening its hold on the boating and waterfront real estate sector.
The move also comes as Blackstone continues aggressive infrastructure investments. Last month, Blackstone Energy Transition Partners reportedly agreed to acquire a Virginia natural gas power plant for $1B.
With limited marina supply and rising demand, Blackstone’s bet on Safe Harbor could prove to be another high-return investment in the booming infrastructure sector.
