BlackRock UK Property Fund has put Premier Marinas up for sale, with a price tag of around £220m.
Premier owns Britain’s largest chain of marinas including Brighton and Falmouth. It has been owned by fund management giant BlackRock for ten years, which now apparently wants to cash in on the group’s success.
BlackRock UKPF confirmed the sale saying Premier Marinas had been a profitable, core investment within the portfolio, acting as a crucial diversifier during the financial crisis. It is understood investment bank Lazard has been appointed to handle the sale.
“The business plan for Premier Marinas has reached a stage which makes a sale optimal,” BlackRock UKPF said in a statement. “This is combined with strong capital market conditions and future platform growth opportunities which cannot be taken by the Fund due to weighting constraints, and an inability to invest outside the UK.”
BlackRock UKPF is a £2.9bn, balanced property fund, and has outperformed its benchmark over the last 3, 5 and 10 years. The Fund invests across all property sectors, but one of its unique selling points is its allocation to alternative asset classes, including GP surgeries, student accommodation and marinas.