Goldman Sachs Australia is set to sell its stake in the country’s largest premium marina network d’Albora, which owns boat facilities in well-heeled neighbourhoods like Rushcutters Bay and Mosman, to ASX-listed MA Financial.
Wall Street giant Goldman Sachs is set to sail from Australia’s biggest premium marinas owner, d’Albora, in a deal that would see its stake sold to Australian asset manager MA Financial.Street Talk can reveal Goldman Sachs and ASX-listed MA Financial are in the final stages of negotiating the transaction, which is expected to value d’Albora at more than $200 million.
d’Albora owns 10 marinas on Australia’s east coast, including at Rushcutters Bay and The Spit in Sydney, Martha Cove and Victoria Harbour in Melbourne, and on the Gold Coast. It was formerly owned by Australia’s Ardent Leisure, before Goldman Sachs and Balmain acquired the unit forSix years later, the marinas landed back on the auction block, as major shareholder Goldman Sachs began to clean out its Australian balance sheet positions.
Sources said MA Financial’s asset managers were likely to chip into the deal as co-investors, for a small allocation. The asset management unit is a tidy profit generator for MA Financial bringing in 78 per cent of its $106.7 million EBITDA in the 2022 financial year - more than its lending and technology, and corporate advisory and equities units.
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