Blackstone Infrastructure to buy Safe Harbor Marinas, including 2 in Puerto Rico
The deal includes Puerto del Rey in Fajardo and a marina in San Juan’s port.
Blackstone announced that funds managed by Blackstone Infrastructure have agreed to acquire Safe Harbor Marinas, the largest marina and superyacht servicing business in the United States, from Sun Communities Inc. for $5.65 billion.
Safe Harbor owns and operates 138 marinas across the U.S., including two in Puerto Rico. The company specializes in boat storage and servicing, catering to both leisure and commercial marine activities.
The two properties in Puerto Rico include Marina Puerto del Rey in Fajardo and another marina located in San Juan. Safe Harbor acquired Puerto del Rey — the largest marina in the Caribbean — in September 2021. The facility spans approximately 140 acres and features around 1,000 wet slips, with dry stack facilities for an additional 750 vessels. Amenities include bathhouses, a business center, a fitness center and on-site dining options.
The San Juan marina, situated on Piers 9 and 10 in the Port of San Juan, provides 1,200 linear feet of dockage, accommodating vessels up to 450 feet in length. The facility includes 24-hour gated security, slip-side parking and freshwater hookups.
“Marinas benefit from key long-term thematic tailwinds including the growth of travel and leisure as well as population inflows into coastal cities,” said Heidi Boyd, senior managing director in Blackstone’s infrastructure business.
“We believe Safe Harbor is the best positioned company in this sector, and we look forward to working with their terrific team to invest behind their existing marinas and to expand their footprint,” Boyd added.
Blackstone Infrastructure said the transaction builds on its diverse portfolio and “speaks to the strong momentum of the business, which has grown approximately 40% year-over-year since inception, now managing $55 billion of assets (figures as of December 31, 2024).”
Blackstone Infrastructure said it focuses on investments in “leading companies in sectors with strong tailwinds.” Its portfolio includes QTS, the largest data center provider in the U.S.; AirTrunk, the largest data center platform in the Asia-Pacific region; Carrix, North America’s largest marine terminal operator; and Invenergy, the largest private renewables developer in the U.S.
Wells Fargo served as the lead financial adviser to Blackstone Infrastructure and provided committed financing for the transaction. Legal advisers included Gibson, Dunn & Crutcher LLP and Simpson Thacher & Bartlett LLP.
