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Karl Stagno-Navarra
Grand Harbour Marina and Viset are expected to announce share issues, bringing a new dimension to the marine industry in the country.
Sources have confirmed that Grand Harbour Marina, run by Camper & Nicholson, is to announce a Lm2.1 million share issue later this month, while Viset are expected to announce their share issue some time next October.
Walter Bonnici, deputy chairman of Grand Harbour Marina, has said the approval from the Malta Financial Services Authority (MFSA), has been received, and that HSBC Bank Malta and Globe Capital will be the co-sponsors to the issue.
Camper & Nicholson chairman Nick Maris is also chairman of Grand Harbour Marina. Other directors include Vincent Portelli and Anthony and Pascal Demajo. Maris commented: “The Maltese government has identified the yachting sector as an important generator of jobs and contributor to the economy. It has created yacht friendly legislation and infrastructure which has made it attractive to owners, particularly foreign owners of larger yachts, to base their yachts in Malta. Grand Harbour Marina’s up-to-the-minute facilities has made it an attractive alternative to established South European ports, and a number of yachts have chosen to acquire long term berth licenses at GHM, these include the world’s largest privately owned sailing yacht the 88-metre Maltese Falcon.”
Asked what he felt about the future prospects for the marina, Maris said: “It is widely recognized that the world yacht fleet is growing rapidly whilst the number of marinas is growing more slowly. The result has been that, in mature markets berthing rates have risen steadily – by about 40% since 2000. This is a favourable climate for investors in Marinas, and the strong yacht order books which in some cases extend beyond 2011, suggest it’s set to continue.”
In an interview with sister newspaper Business Today last November, Dubai-based Simon Arrol from Global Island Yachting had explained that while investment in property is considered to be an everlasting investment, yacht marina’s are turning out to be more profitable ventures for investment, as the industry is undergoing a major boom.
Simon Arrol, Development and Operations Director at IGY – key players in yachting marinas worldwide – insisted that “investors should start to look at yacht marinas as a great opportunity”.
The return is more than guaranteed, he stressed, while adding that when one looks at a marina, it is taken as a fact that the berths are full, and the demand for more is ongoing.
In the light of a boom in demand for the delivery of boats, yachts, cabin cruisers and super-yachts these last ten years, the demand for berth spaces continues to pressure.
Arrol explains that Malta’s opportunities for marina development are “second to none”, explaining that the setting for any corner of the island is “exclusive” more than comparable to other traditional locations like Cannes, St. Tropez and Montecarlo.
“Here in Malta, if one looks at the Cottonera marina, one finds an environment that no other country could offer,” he says, while adding that the crews from super-luxury boats insist to berth in Malta, as the environment not only is safe and quiet, but most of all, they are surrounded with all the services they need.
Simon Arrol is well aware about the property market in Malta, and the keen interest by Maltese to invest in real estate.
“Investing in yacht marinas is the real estate of tomorrow. The return is high-end and the Maltese should be aware of the great opportunities around, to invest in this growing sector,” he concluded.
Viset Chief Executive Chris Paris was not in a position to confirm or deny reports about the Cruise Passenger Terminal share issue in the coming October, however he reiterated a statement he made some months ago to local media about the possibility of a share issue: “A successful company usually goes for stock market listing.”
ksnavarra@mediatoday.com.mt
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