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Specialist marina investment company Camper & Nicholsons (CNMI:AIM) has completed its $24 million acquisition of the marina at Port Louis, located in St George’s, the capital of Grenada, West Indies. Contracts for the acquisition, which includes certain marina-related property, had been exchanged late December. The marina features around 100,000 sq m of water area which is held on a 99-year lease.

Of this space, more than 40,000 sq m is lettable berth area, enabling the marina to house more than 300 yachts, including 60 superyachts. The marina has its own secure access and complete control over the facilities needed to operate and market the marina as a stand-alone entity. However, the marina is likely to benefit from being part of the wider $500 million Port Louis development project, which adjoins the marina and will give way to penthouses, apartments, luxury villas, beachfront lots, waterfront restaurants, bars and clubs, hotels and spas, and art galleries.

The final cost of the marina, which will include high technology marina systems, and a capitainerie, is expected to be $36 million. Camper & Nicholsons is also buying around 23,800 sq m of land as part of the deal. This land will be used for mixed-use development and planning consent has already been obtained.

Camper & Nicholsons floated one year ago and focuses on the acquisition, development, redevelopment and management of an international portfolio of marinas and marina-related real estate throughout the Mediterranean and North American and Caribbean regions. The shares were unchanged at 64p following the deal.

Shares says: Has made some promising acquisitions which bode well for the future.