/

|

Blackstone Infrastructure will pay about $5.7B for Safe Harbor Marinas, the asset management giant announced Monday.

Safe Harbor, the country’s largest marina and superyacht servicing business, owns and operates 138 marinas across the U.S. and Puerto Rico that will be added to Blackstone Infrastructure’s $55B of assets under management.

The all-cash purchase price is about 21 times higher than Safe Harbor’s estimated 2024 funds from operations, according to Sun Communities Inc., which is selling the business to Blackstone.