Grand Harbour Marina negotiating €3.1m berth sale

Grand Harbour Marina has signed a memorandum of understanding for the sale of a super-yacht berth with a value of €3.1 million. In a statement to the Stock Exchange, the marina said berthing revenues for the first nine months of this year amounted to €1.6 million compared to €1.5million in the first nine months of 2011. Comparable operating costs, excluding berth sales related costs, were 2% higher than the same period last year. No long term berth sales were concluded during the first nine months of 2012 (2011 €0.4 million). However, the company announced  the signing of a Memorandum of Understanding  for the sale of a super-yacht berth with a value of €3.1 million. The sale is expected to be completed within this financial year. Under the MoU the acquirer has also taken an option on a further berth fora further  €1.8 million, if exercised. Nick Maris, CEO of Grand Harbour Marina plc, who is leading the sale, said:"Malta's attraction as a home port for super-yachts has continued to strengthen relative to other EU and North African countries. The steady support for the yachting sector at government level in Malta, withattendant fiscal certainty, has also resulted in the growth of...