This article is from the Australian Property Journal archive
ARDENT Leisure has launched a sale process to jettison its d’Albora Marinas business, the largest marina group in Australia.
The portfolio comprises seven marinas, including three in Sydney Harbour, two adjacent to the Melbourne CBD and a further two at Nelson Bay and Akuna Bay, north of Sydney. The marinas represent over 1,300 berths, substantial water and land leases with very attractive development opportunities.
Chairman Neil Balnaves said the sale is part of the group’s comprehensive strategic review to maximise the potential of the significant leisure and entertainment businesses in Australia and the United States.
“These decisions follow a period of review over the last six months and position the group as a premium family recreation and entertainment company.
“The marinas are unique assets with outstanding facilities in excellent locations and we are confident they can be even further developed in the hands of a new owner. Following extensive negotiations, we have also been able to extend the land and water leases in respect of our premium site at Rushcutters Bay in Sydney, for 25 years with scope to increase the tenure for a further 15 years,” he added.
“The sale of the marina portfolio forms part of the group’s enhanced capital management plan and will assist in accelerating the pace and development of our Main Event centres in the USA. The scheduled number of new centres to open in FY17 will accordingly increase from eight to 11, bringing the total number of Main Event centres to 38 locations across 12 states,” he continued.
Balnaves said Ardent Leisure is also transitioning its AMF bowling centres into multi‐attraction family entertainment venues.
“Over the next three years the group plans to exit older, lower returning sites and achieve growth through the selective development of existing assets such as the flagship Kingpin at Crown Casino, along with the acquisition of new sites for high returning amusement games arcades.
“In due course it is expected that, with the growth of the US assets outweighing that of the Australian businesses, the balance of the Group’s assets and revenues will become more weighted to the US. In these circumstances, the board considers it appropriate that the group also takes active steps to see a gradual rebalancing of the register through active marketing of the group to US and other overseas investors.” Balnaves said.
Australian Property Journal
