December 19, 2022

On December 19, it was announced that Willkie client iCON Infrastructure Partners VI, L.P., a fund advised by iCON Infrastructure LLP, entered into a partnership with Royal Caribbean Group to develop strategic cruise port infrastructure in support of Royal Caribbean Group's growth plans.

The partnership will be owned 90% by iCON VI and 10% by Royal Caribbean Group. It will be managed by an independent management team with strategic support from Royal Caribbean Group. Both parties have committed to provide funding for future expansion in accordance with their percentage interest. At closing (anticipated for the first quarter of 2023), Royal Caribbean Group expects to receive net cash proceeds of approximately $210 million.

The new partnership will initially include PortMiami Terminal A, and several development projects in Italy, Spain and the U.S. Virgin Islands. The partnership will also pursue additional port infrastructure developments based on the robust pipeline of projects as part of Royal Caribbean Group's destination development strategy.

iCON VI, iCON’s latest flagship fund, closed fundraising in June 2022 with $3.6 billion of capital committed. iCON is a leading independent investment group focused on investing in high-quality infrastructure assets located predominantly in North America and Europe, with extensive experience investing in ports and port-related infrastructure. 

The Willkie team was led by partners Claire James, Russell Leaf and Gavin Gordon and included associates Brittany Klinger, Tyler Born and William Buchanan.