MA Financial Pays $33m for Manly Marina

MA Financial is expanding its nautical takeover, picking up Queensland’s Manly Harbour for $33 million as development in the alternative asset class picks up.

This marks the 13th marina acquistion for the group that first launched as Moelis & Company in Australia in 2009 and was listed on the ASX in 2017.

East Coast Marina was privately held and put on the market in an expressions-of-interest sale through McVay Real Estate in August, 2023.

The site, 20km south of Brisbane CBD, included 330 berths, dry storage for 240 vessels, 595sq m commercial buildings and 160 carparks.

MA Financial’s portfolio also has marinas at Rushcutters Bay, The Spit, Batemans Bay, Port Macquarie and Cabarita Point in Sydney Harbour as well as two near Melbourne CBD.

The transaction follows the announcement of Queensland Government funding for a new 42-berth marina at Morningside near the Gateway Bridge to be installed by Raptis.

This would help Brisbane’s marine tourism operators displaced during the floods and by waterfront developments across the city. 

One of the bigger marina developments on its way was a $200-million expansion of the Rivergate marina, which would become a superyacht shipyard.

Superyachts would also be able to dock at a marina and waterfront project on the Spit, Gold Coast, which won approval in January last year.

▲ The expansion of the 8.4ha maritime precinct at Murarrie, which was originally submitted in late 2020, has been forecast to dramatically increase superyacht visits to Australia.

However, these developments were small in comparison to the 1800-berth Manly Harbour, which East Coast Marina makes part of.

MA Financial joint chief executive Julian Biggins said the addition aligned with their strategy, responding to the growing investor interest in alternative real estate assets.

The MA Marina Fund was targeting an annual distribution yield in excess of 7 per cent and a 13 per cent plus internal rate of return with potential for further growth by investing in value-add projects and additional acquisitions.

Biggins said the firm expected continued growth in alternatives as investor interests shift beyond traditional real estate sectors.

MA Financial this month also acquired the Vibe Docklands hotel in Melbourne for $96 million from Singaporean real estate group Hiap Hoe Limited.