Koch-Backed Safe Harbor Marinas Exploring a $2 Billion Sale
Koch-Backed Safe Harbor Marinas Exploring a $2 Billion Sale
(Bloomberg) -- American Infrastructure Funds is exploring a sale of one of the largest owners of U.S. marinas, according to people with knowledge of the matter.
The firm has interviewed advisers about selling Safe Harbor Marinas LLC, which is expected to fetch more than $2 billion, said one of the people, who asked not to be identified because the matter is private. American Infrastructure Funds is the majority owner of Safe Harbor, and Koch Real Estate Investments, an affiliate of Koch Industries Inc., has owned a minority stake since July 2018.
Representatives for American Infrastructure Funds, Koch and Safe Harbor didn’t immediately respond to requests for comment.
Safe Harbor, led by Chief Executive Officer Baxter Underwood, is expected to attract interest from infrastructure and real estate-focused investment firms, partly because of the scarcity of marina properties. In November, the Dallas-based company acquired Hideaway Bay Marina in Georgia, expanding its portfolio to 90 facilities across 20 states, including Florida and California. It also snapped up Newport Shipyard in Rhode Island last year.
To contact the reporter on this story: Gillian Tan in New York at gtan129@bloomberg.net
To contact the editors responsible for this story: Alan Goldstein at agoldstein5@bloomberg.net, Daniel Taub, Peter Eichenbaum
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