ARDENT LEISURE SELLS D'ALBORA MARINAS

Written on the 12 December 2016

ARDENT LEISURE SELLS D'ALBORA MARINAS

ARDENT Leisure (ASX:AAD) has sold its d'Albora Marinas portfolio for $126 million, an 11 per cent premium over the asset's book value of $113.5 million.

A joint venture between Sydney-based Balmain Corporation, and Goldman Sachs, was formed to buy the seven marinas, which are in Sydney, Melbourne and Newcastle.

Ardent Leisure Group Chief Executive Officer, Deborah Thomas says, "The Group's decision to prepare d'Albora Marinas for sale with extended lease tenure, targeted capital works and a transparent sale process has ensured that the maximum value for investors has been realised."

There are $3.3 million transaction costs as part of the deal, and Ardent has also committed to completing $5.6 million worth of pre-planned capital expenditure before the deal completes in late June next year.

Ardent is putting more focus on its foray into the United States with its Main Event Entertainment business.

The company is trading unchanged at $2.29 per share this morning.

 

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