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Camper & Nicholsons Marina Investments

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.

Date: 25 October 2014
Share Price: 10.00
Price change: 0.00

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 third 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.

In August 2011 CNMI raised an additional £4.2m in equity and welcomed First Eastern as both a 25% shareholder and 50% joint venture partner in Camper & Nicholsons First Eastern (CNFE), a business established to widen our bandwidth to encompass the growth markets in Asia.

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: a position likely to have been exacerbated by the difficult economic conditions evident since 2008.

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 third party marina management and consultancy businesses, with low capital requirements, alongside the establishment of CNFE, is expected to improve the balance of the business portfolio.

  • Three strategic large scale modern marinas fully operational since 2010
  • A growing third party marina consultancy business
  • An experienced management team with interests fully aligned with shareholders
  • Camper & Nicholsons a leading global brand in the sector
  • Positioned to create shareholder value

CNMI raised additional equity funds of £4m in May 2013, designed to act as a catalyst to aggressively reposition the business, and a further £2.4m in June 2014, to enable the debt re-profiling of the bullet repayment of $7.5m, due in June 2015, into a loan repayable from 2016 to 2019 with a significant reduction in interest cost: both fully underwritten by First Eastern (who as a result increased their shareholding to 52%).

Accordingly CNMI is now primed to take advantage of development opportunities as the world economy recovers from the lows of recent years.