Forth Ports has confirmed an agreement to acquire 61 hectares of land toward the east of the Port of Tilbury in Essex, UK, for an undisclosed multimillion dollar price, according to UK Haulier.
Estimations of the price are around US$140 million.
Charles Hammond, Chief Executive of Forth Ports said, “This is a significant land acquisition for the Port of Tilbury. As London’s major port, it is a key resource for companies who need to access London and the South East of England.
“We are acquiring this additional land to extend the port in response to increasing demand from customers who are seeking additional capacity within the port.
“We have an ambitious growth plan for the Port of Tilbury and this land deal will complement our other development projects at the port including the growth of London Distribution Park and the opening this year of the UK’s largest port-based chill store, operated by our partners NFT.”
The Port of Tilbury has long been known as a key port for the UK capital London. However it has faced tough competition in recent years from a dominant Felixstowe, as well as an up-and-coming DP World London Gateway.
The Port of Tilbury forms part of the wider Port of London.