Blackstone Infrastructure Acquires Safe Harbor Marinas for $5.65bn
Blackstone Infrastructure, a division of Blackstone Inc., has agreed to acquire Safe Harbor Marinas, the largest marina and superyacht servicing business in the United States, from Sun Communities for $5.65bn in an all-cash transaction.
The purchase price represents an approximate 21-times multiple on Safe Harbor’s estimated 2024 funds from operations and is subject to post-closing adjustments, according to a statement issued on Monday (24 February 2025).
Safe Harbor owns and operates 138 marinas across the US and Puerto Rico and is a leading operator in boat storage and servicing.
Sun Communities purchased Safe Harbor in 2020 for $2.11bn amid a surge in boating interest during the pandemic.
While boat sales fluctuate depending on external factors and economic changes, storage slips remain in limited supply across all economic conditions, allowing marina owners to upgrade facilities and increase rents. The growing demand for larger superyachts among wealthy owners has also expanded opportunities for marinas to offer additional services.
Heidi Boyd, senior managing director in Blackstone’s infrastructure business, says: “Marinas benefit from key long-term thematic tailwinds including the growth of travel and leisure as well as population inflows into coastal cities. We believe Safe Harbor is the best-positioned company in this sector, and we look forward to working with their terrific team to invest behind their existing marinas and to expand their footprint.”
The deal is expected to generate approximately $5.5bn in pre-tax proceeds for Sun Communities after transaction costs. The company says it plans to use the funds for debt reduction, shareholder distributions, and reinvestment in its core businesses, which focus on manufactured housing and recreational vehicle communities.
Sun Communities chairman and CEO Gary Shiffman says: “We are very pleased with this transaction which further accelerates Sun’s strategy to improve the Company’s leverage profile and refocus on our core segments. On behalf of everyone at Sun, I would like to thank the Safe Harbor team for their dedication and hard work throughout our over four-year partnership.”
Blackstone Infrastructure has been busy expanding its portfolio, which includes QTS, the largest data centre provider in the US; AirTrunk, a leading data centre platform in the Asia-Pacific region; Carrix, the largest marine terminal operator in North America; and Invenergy, the largest private renewables developer in the United States. The division has experienced approximately 40 per cent year-over-year growth since its inception, now managing $55bn in assets as of 31 December 2024.
Wells Fargo served as the lead financial advisor to Blackstone Infrastructure and provided committed financing for the transaction. Legal advisors included Gibson, Dunn & Crutcher LLP and Simpson Thacher & Bartlett LLP.
The transaction is expected to close in the second quarter of 2025, with certain properties representing about 10 per cent of the total consideration being transferred in subsequent closings.
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