DP World adds to Canada portfolio
Maher Terminals has sold its Fairview Container Terminal to DP World, adding to the Dubai-based operator’s portfolio in Canada.
The $457m purchase of the Prince Rupert, British Columbia terminal gives DP World a purpose-built 850,000 teu terminal with room to grow: its recently announced Phase 2 expansion will take capacity to 1.35m teu by 2017. Further expansion is being considered with a feasibility assessment planned for the development of lands that could increase capacity to 2.45m teu.
DP World group chief executive Mohammed Sharaf 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 2 of expansion presents a fantastic opportunity for DP World.”
The completion of the transaction remains subject to applicable Canadian regulatory approvals and is expected to occur in the second half of 2015. The concession period runs to 2034 with an extension to 2056 after the completion of Phase 2.
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