The Wellcome Trust has acquired marina operator Premier Marinas Limited (PML) from the BlackRock UK Property Fund for an undisclosed amount. 

PML was established in 1994 and operates eight UK marinas based on the South coast. The sale adds another major business to the Trust’s £18bn endowment that already includes substantial property and agricultural operations.

“Taking sole ownership of PML adds a third wholly-owned UK asset backed operating business to the Trust’s investment portfolio and is a demonstration of our commitment to the industry and our confidence in the management team and employees," said Peter Pereira Gray, managing director of the Wellcome Trust's investment division

"We will take a long term approach to the ownership of the business and look forward to the continued success and growth of PML.”

PML’s existing operations include over 5,000 wet and dry berths, and shore storage for over 2,000 boats, including fully serviced boatyard facilities. as well as 300,000 square feet of rental property.

“PML has generated strong returns for BlackRock over the last decade during which time we have expanded the business significantly. We are very pleased to have sold PML to the Wellcome Trust and are confident that the business will continue to thrive under their stewardship,” said Paul Tebbit, director at BlackRock.