Investment Corporation of Dubai Acquires Exclusive Porto Montenegro
06 May, 2016, 12:52 ET
Porto Montenegro Founder Underscores Strategic Fit with New Owner
TORONTO, May 6, 2016 /CNW/ - Montport Capital, the owner of the Porto Montenegro Marina and Resort, their landmark yacht marina and waterfront development in Montenegro, announced today the sale to The Investment Corporation of Dubai (ICD), the principal investment arm of the Government of Dubai.
Located within the Bay of Kotor, a World Heritage site on the Adriatic Sea, the waterfront development offers a lifestyle community for boat owners, residents and tourists, set against the magnificent background of the Montenegrin mountains.
Porto Montenegro is the brain-child of Peter Munk who, with an international group of investors led by Lord Rothschild, envisioned and financed the transformation of a derelict naval base into a major yachting destination. Porto Montenegro moved from concept to reality in just under 10 years.
Mr. Munk's sale of Porto Montenegro comes after Porto Montenegro firmly established itself as a prime destination for the yachting community and was awarded the Superyacht Marina of the Year in 2015. Porto Montenegro has grown to be a thriving yacht port with over 450 yacht berths, making it one of the largest superyacht marinas in Europe, 225 fully-sold residential units, a 5-star Regent Hotel, more than 50 retail stores, an international school, nautical museum, and a diverse set of sports facilities.
It has come to be seen as one of the most successful re-formations of a former communist industry in the old Eastern bloc. With employment of over 1000 people both directly and indirectly, the establishment of a long-term, internationally competitive nautical tourist industry is now firmly secure.
"Porto Montenegro is yet another example of Peter Munk's remarkable ability to transform his vision into a successful and profitable reality, said Lord Rothschild. "He has provided the citizens and the Republic of Montenegro with a world-class port facility, international profile and a strong economic foundation upon which to build for the future."
During the course of Mr. Munk's ownership, Porto Montenegro was the recipient of the following awards:
- 2013, Wild Beauty Award for the Best Tourism Investment Project, National Tourism Organization of Montenegro;
- 2014, CSR Company of the Year, NGO Iskra, Montenegro;
- 2014, Wild Beauty Award, Best Newly-Opened Hotel in Montenegro;
- 2014, Best New Hotel Opening, REXPO Adriatic;
- 2015, Superyacht Marina of the Year Award, TYHA;
- 2015, Regent: World Luxury Hotel Award for the category New Luxury Hotel, Europe;
- 2015, CSR Employer of the Year, Montenegrin Employers Federation;
- 2015, Builders for the Century Award, Regional Forum Perspectives, Dubrovnik;
- 2016, Regent: Top 15 best Hotel Restaurants, Russian Conde Nast Traveller
The move to acquire Porto Montenegro Marina and Resort is in alignment with ICD's strategy to add high quality international assets in fast growing markets to its substantial portfolio.
"The internationally renowned Porto Montenegro presents an opportunity for ICD to access a successful business with significant potential for development expansion, both in the marina and landside," said His Excellency Mohammed Al Shaibani, Executive Director and CEO of ICD. "It also represents a strategic fit with our expansion plans into international luxury real estate and hospitality sectors whilst providing exposure to a new geography."
Executed and managed from inception by Managing Director Oliver Corlette, the development has always enjoyed the support of the Prime Minister of Montenegro, his Government, and the people of Montenegro.
"The Government of Montenegro has recognized from the very beginning and has supported the idea to position Montenegro as a leading superyacht destination on the Mediterranean, which has been fully realized by Mr. Peter Munk and his team of experts through the development of Porto Montenegro Project," said Prime Minister Milo Djukanovic.
Peter Munk, the majority shareholder of Montport Capital, owner of Porto Montenegro Marina and Resort, said, "I'm enormously proud of what has been accomplished at Porto Montenegro. It has helped transform the perception of Montenegro throughout the world, has sharply increased the country's tourism revenue, and has created hundreds of jobs. The Investment Corporation of Dubai is the ideal party to take the resort to the next level, and to maximize its great potential. With this transaction, I am confident that I am leaving Porto Montenegro in very safe hands."
About the Investment Corporation of Dubai
ICD was established in May 2006 by decree (11) of 2006 under a mandate to consolidate and manage the Government of Dubai's portfolio of commercial companies and investments. It also provides strategic oversight by developing and implementing investment strategy and corporate governance policies with an objective to maximize stakeholder value, for the long-term benefit of the Emirate.
ICD, as the principal investment arm of the Government of Dubai currently has a portfolio that represents a cross-section of Dubai's most recognised companies, in sectors that the Government of Dubai has deemed to be strategic for the continued development of the Emirate. The sectors include financial services, transportation, energy and industries, real estate and leisure, retail and other holdings.
For more information about ICD please visit www.icd.gov.ae
For more information about Porto Montenegro visit www.portomontenegro.com
About Porto Montenegro
Porto Montenegro is the Mediterranean's leading luxury yacht homeport and marina village. The state-of-the-art facility has been designed to cater to the advanced needs of all yachts, their owners, guests and crew with specific infrastructure for the largest yachts afloat. The marina currently has 450 berths, 228 sold-out luxury apartments, as well as 55 units of ground floor retail made up of restaurants, bars, cafes, shops and amenities and a five star Regent Hotel with over 80 luxury suites and apartments.
SOURCE Porto Montenegro
For further information: Deirdre McMurdy, Navigator Ltd., 416-642-6339
Share this article