Development Marks Island Global Yachting's Entrance into the Eastern Mediterranean Market
Dubai, UAE and Croatia- Island Global Yachting (IGY), one of the world's premier owners, developers and managers of luxury marinas and yachting lifestyle destinations and Nautical Center Prgin (NCP), one of Croatia's leading marine industry companies, announced today a joint venture to develop Croatia's first dedicated megayacht marina. The IGY-branded project will be located in the coastal town of Sibenik, adjacent to NCP's existing Mandalina Marina. The site is conveniently located near the Kornati Islands National Park, Krka National Park, two UNESCO World Heritage Sites and Split International Airport. Under the agreement, IGY will manage both the new megayacht facility and Mandalina Marina, through a newly-established company created via the partnership. IGY will also acquire an equity interest in the existing Mandalina Marina. Additionally, IGY is negotiating the option to purchase an equity stake in the upland area adjacent to the new marina to compromise world-class shopping, food and beverage outlets and a hotel. Upon approval, this equity stake will be granted to IGY under a development agreement.
"This is clearly an important step for IGY and we are delighted to be working with NCP as we enter the flourishing Eastern Mediterranean market," said Andrew Farkas, founder and chairman of Island Global Yachting. "Today's announcement now adds the Mediterranean region to our growing worldwide presence, which spans from the Americas through the Caribbean and into the Middle East. Croatia's international status as a world-class tourism destination is definitely on the rise and the yachting industry is central to that. This partnership will link both NCP and Croatia into IGY's network of marinas which include some of the world's finest facilities."
Frank Garrison, CEO of IGY added, "As we join forces with NCP, we look forward to joining the entire Croatian community, and working together with the people and the businesses of this great country to deliver one of the premier marinas in the Mediterranean, if not the world."
"We are equally excited about this partnership and the economic benefits that it will bring to our community," said Ivana Prgin, president of marketing for NCP. "The waters around Sibenik are acclaimed as one of the world's greatest cruising areas and this new marina will enhance the experience even further. The megayacht market represents the world's top demographic and IGY is at the forefront in serving these consumers."
IGY developments are not only enhancing and revitalizing their local areas, but the network of properties is setting new standards for service and quality in nautical tourism. IGY is at the forefront of the emerging marina market in the Middle East. The company is currently contracted to design, develop and manage up to 40,000 berths for Nakheel & Istithmar Leisure in Dubai, UAE. The first project, Anchor Marina will be completed in early 2008 on the much-publicized Palm Jumeirah.
"IGY has made great strides in the Middle East marina industry in a short space of time. I'd like to congratulate the whole IGY team on the creation of this partnership and I am extremely pleased with the input of the Middle East team in securing the deal. This is a clear demonstration of our global ambition and we now have the opportunity to take the IGY marina experience beyond the GCC and into Europe," explained IGY's Middle East & Asia CEO, Ralf Heron.
IGY's Mediterranean network is being founded with this Sibenik facility and will quickly grow with projects under negotiations in other countries in the region. All of IGY's destinations are known for the highest levels of facilities and service.
ABOUT NAUTICAL CENTER PRGIN
NCP is one of the leading companies in the Mediterranean marine industry and has helped establish Croatia as a beacon for luxury yachting in Middle Europe. Founded in 1995 as the first yacht charter in Croatia, NCP has expanded through the years and currently operates Mandalina Marina, Mandalina Shipyard (which provides repairs and refits for yachts up to 250 feet), a yacht charter company, and a sailing school division. NCP is based in the scenic coastal town of Sibenik on the Adriatic Coast, Chosen as the "world's number one sailing destination" by National Geographic magazine, the Sibenik area is famous for its UNESCO protected cathedral, beautiful medieval fortresses and especially for its two national parks, Krka waterfalls and Kornati archipelago. For more information, please click to www.ncp.hr.
ABOUT IGY
From the azure waters of the Arabian Gulf to the islands of the Caribbean and other beautiful yachting destinations around the world, IGY is redefining the very idea of luxury marina experiences. IGY focuses on developing, acquiring, controlling and servicing luxury-yacht marinas and the surrounding upland real estate properties. The IGY management team has participated in the design, engineering and development of more than 300 marinas throughout the world and has brought new levels of technology, service and design expertise to the industry. IGY operates the only mega-yacht facilities in the Caribbean and is currently developing additional mega-yacht marina properties in places such as Dubai's The Palm Jumeirah, Nassau, St Lucia, the British Virgin Islands, St. Maarten and Anguilla. In the Middle East IGY is headquartered in Dubai with dedicated marina design, development, engineering, management and marketing operations. This year IGY has launched two new marinas in Dubai and other major GCC projects will be unveiled soon. Founded in 2005, IGY is headquartered in Fort Lauderdale, Florida with offices in New York and St. Thomas in the US Virgin Islands. IGY is an affiliate of Island Capital Group LLC, a real estate merchant banking firm led and founded by Andrew Farkas, the former chairman of Insignia Financial Group. For more information, please visit www.igymarinas.com.
For more information, please contact:
Chuck Smith
Tel: (954) 302-6021
Email: csmith@igymarinas.com
© Press Release 2007
