As Royal Caribbean Group eyes future growth, the company has partnered with Icon Infrastructure Partners VI to develop its cruise port infrastructure.
The partnership will own, develop and manage cruise terminal facilities and infrastructure in key ports of call. Icon VI, a fund advised by Icon Infrastructure LLP, will own 90% of the partnership and Royal Caribbean Group will own the remaining 10%.
The partnership will initially include PortMiami Terminal A and several development projects in Italy, Spain and the U.S. Virgin Islands with plans to expand as Royal Caribbean Group pursues future destination development.
Royal Caribbean Group CEO Jason Liberty said the partnership will "catapult" the company into the coming decades of port investments using a "capital-light investment framework."
The partnership will be managed by an independent management team with support from Royal Caribbean Group. Both parties will provide funding for future expansion.
With more than $8 billion in capital, Icon is an investment group with experience investing in ports and port-related infrastructure in North America and Europe. The group expects to invest in "high-quality terminals, working closely with key destination communities with a strong focus on sustainability," said Iain Macleod, Icon's managing partner.