DP World has recently announced its agreement to acquire Maher Terminal’s Fairview Container Terminal in Prince Rupert, British Columbia, Canada from Deutsche Bank for around US$456m.
Fairview is a purpose-built terminal with an efficient sea-rail link and has a current capacity of 850,000 TEU, with a phase two expansion that will take capacity to 1.35 million TEU. The concession period runs to 2034 with an extension to 2056 after the completion of phase two.
DP World has been a significant investor in Canada, as operator of the Centerm Terminal in Port Metro Vancouver.
Sultan Ahmed Bin Sulayem, Chairman of DP World, said: “The value proposition is compelling and the addition of capacity to our portfolio will contribute to DP World’s continued growth and the delivery of shareholder value.”
Mohammed Sharaf, Group Chief Executive Officer of DP World, said: “Fairview Container Terminal offers the fastest access for vessels travelling between Asia and North America. The terminal also offers the highest productivity rates on the West Coast and an efficient rail link to the hinterland. The long-term concession and ability to build beyond the current phase two of expansion presents a fantastic opportunity for DP World.
The completion of the transaction is subject to applicable Canadian regulatory approvals and is expected to occur in the second half of 2015.
(Source: BC Tug Boat)
