MA Marina Fund will pay $33m for the East Coast Marina in Manly Harbour

A marina fund has exchange contracts for its 13th asset and will pay $33m for a marina on Brisbane’s Bayside.

A fund controlled by global alternative asset manager MA Financial is contracted to acquire the East Coast Marina in Manly Harbour, on Brisbane’s Bayside.

The MA Marina Fund will pay $33m for the property and expand its footprint to 13 marinas in Australia since it was established by MA Financial in April last year.

The deal confirms the Fund as the largest marina group in the southern hemisphere.

Joint chief executive of MA Financial Julian Biggins said the Fund’s purchase of the East Coast Marina aligns with the company’s strategy, responding to the growing investor interest in alternative real estate assets.

“We’re excited with the purchase of East Coast Marina continuing the momentum of our successful MA Marina Fund,” he said.

East Coast Marina at Manly Harbour on Brisbane's Bayside.

Since launching 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 performance of the portfolio has exceeded our expectations to date, and we believe the industry fundamentals support strong operating performance looking forward.”

Located 20km from the Brisbane CBD, East Coast Marina has 330 berths, dry storage for 240 vessels, 595sq m commercial buildings and 160 vehicles car park.

It is the only private marina in the 1800-berth Manly Harbour.

The Fund is 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.