The Royal Caribbean Group (RCCL) announced its new partnership with the private equity fund Icon for the development of two new cruise terminals in Ravenna and Fiumicino.

According to a statement released by RCCL, the joint venture will “own the property develop and manage the facilities and infrastructure of the cruise terminals in the home ports and in the main ports of call. The company will be managed by an independent management team with strategic support from the Royal Caribbean Group. Both parties have pledged to provide financing for future expansion based on their percentage ownership (with Icon having 90% and Royal having the remaining 10%)”.

“Our partnership with Icon is a unique opportunity to solidify our position in port investment for the next few decades, giving us additional financial strength and the responsibility to deliver exceptional cruising experiences to our guests in the world’s best destinations” said Jason Liberty, the chairman and CEO of the Royal Caribbean Group. “We have developed more destinations than any other cruise line in recent years and this new partnership will allow us to implement a low-cost investment framework to advance the development of strategic destinations around the world. We chose Icon for our common strategic priorities and our shared commitment to sustainability.”

The new company will include Port Miami Terminal A and several development projects in Italy, Spain and the US Virgin Islands. Upon the closing of the deal (which is expected in the first quarter of 2023), Royal Caribbean Group expects to receive approximately $210 million in net proceeds. The partnership is expected to have an accretive effect on earnings, ROIC and leverage which will enable RCCL to continue investing in strategic infrastructure development.