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Camper & Nicholsons Marina Investments Limited (CNMI) is a closed-ended investment company registered and incorporated in Guernsey that listed on AIM in January 2007. At the time of Listing CNMI was externally managed with a Manager, Marina Management International Ltd and an Investment Adviser, Camper & Nicholsons Marinas International Limited.
CNMI raised €50m for the acquisition, development, redevelopment and operation of an international portfolio of both new and existing marinas and related real estate in the Mediterranean, the Caribbean and the United States.
In December 2008, CNMI internalised its management through the acquisition of the Manager and Investment Adviser with the acquisition of the latter also adding a new revenue stream from the management of 3rd party marinas and attendant consultancy work. At the same time CNMI acquired the rights in perpetuity to use the Camper & Nicholsons brand name in the marina sector.
Current research indicates that demand continues to exceed supply for marina berths. At the same time new marina development is restricted due to geographical limitations, development costs, and environmental and planning rules.
Over the past few years there has been an explosion in global yacht production and consequently demand for marina berths has increased, resulting in a steady rise in berthing rates, particularly around the Mediterranean.
CNMI aims to consolidate a highly fragmented market and deliver a compelling investment case for marinas as an undervalued asset class.
The addition of the 3rd party marina management and consultancy businesses, with low capital requirements, is expected to improve the balance of the business portfolio.