PODGORICA (Montenegro), May 4 (SeeNews) – Canadian billionaire Peter Munk is selling the luxury marina Porto Montenegro to the Investment Corporation of Dubai (ICD) for an estimated 200 million euro ($229.5 million), Montenegrin media reported.
The deal will be officially announced on Friday, Vijesti reported over the weekend.
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Munk bought the marina venue – a former military shipyard located near the coastal town of Tivat - for some 23 million euro in 2006. As part of the deal Munk leased the surrounding aquatory and the shore for a period of 90 years, Vijesti added.
According to Wikipedia, in 2008 it was acknowledged that Munk was not alone in the venture as he holds 54% of the operator of Porto Montenegro, Adriatic Marinas. His partners in Adriatic Marinas include Russian oligarch Oleg Deripaska, Lord Jacob Rothschild, the fourth baron of the Rothschild banking dynasty, and Bernard Arnault, chairman and CEO of luxury goods group LVMH, according to Wikipedia.
In September Adriatic Marinas said it had invested a total of 396 million euro in the Porto Montenegro luxury yacht port and marina village in Tivat. The next phase of investments includes the construction of a Regent Pool Club complex with 60 apartments and a range of business zones, a company spokesperson told SeeNews at the time. The company also said it is planning to invest some 12-15 million euro in an exclusive casino.
ICD, the principal investment arm of the Government of Dubai, was established ten years ago under a mandate to consolidate and manage the Government of Dubai’s portfolio of commercial companies and investments.
Tivat is located in the bay of Kotor, the largest natural harbour in the eastern Mediterranean with 62 miles of coastline.
($=0.8714 euro)