Qatari bank acquires OneOcean Port Vell

alexbaldwin
By alexbaldwin October 9, 2017 12:43

Qatari bank acquires OneOcean Port Vell

Qatari investment bank Qinvest has taken ownership of Barcelona marina OneOcean Port Vell.

The acquisition is a joint venture with an unnamed investment partner. Qinvest made its investment through its wholly owned subsidiary BOH LLC.

OneOcean Port Vell will be using the investment to boost its profile and its port resources to accommodate its growing superyacht customer base. Qinvest believes the marina has a significant opportunity to expand its operations.

Craig Cowie, QINVEST’s head of real estate investment and advisory, said: “OneOcean Port Vell is a valuable asset which has significant potential for growth and we are committed to working hand-in-hand with the relevant authorities, including the Barcelona Port Authority, the wider local community and all other stakeholders to support its continued development and success.”

The port is approaching a busy winter season and is expecting a full marina this month. It has historically berthed small vessels but has now opened its doors to superyacht owners, using its prime location in the heart of Barcelona as its unique selling point in attracting superyacht owners.

Paul Cook, director general of the marina, told Superyacht Investor: “Business is good at the moment. The marina is almost full, and we expect it will be full by the end of the month. Winter is especially a busy period for us so we will have a lot of yachts berthed for the season. We are expecting the usual yachts that come back year after year as well as some new vessels.”

Marina Redevelopment

OneOcean Port Vell has been developing its marina to become more superyacht friendly since UK-based investment firm Salamanca put forward an €80 million investment in 2014 to kickstart the redevelopment.

Cook said: “Salamanca saw the opportunity for the marina to expand. It served 450 small yachts and only one or two superyachts at the time.

“Due to the prime location in the heart of Barcelona, there was an opportunity to transform the marina to open itself up to bigger vessels. Now we have totally transformed the marina to support 160 yachts up to 190 metres in length. Superyachts are now the main focus.”

Last year, the marina invested €5 million in infrastructure, utilities, landscape, lighting and security. Alongside this, eight superyacht berths between 30 metres and 80 metres were added to the marina. Also, the marina sold a 160 metre berth in Feburary this year; the lease is available until 2036.

alexbaldwin
By alexbaldwin October 9, 2017 12:43

Superyacht Insight

Sign up for Superyacht Investor Email Insight

* indicates required