Dubai-based port operator DP World has agreed to buy Fairview Container Terminal in Prince Rupert, British Columbia, Canada from Deutsche Bank for CAD 580 million (USD 457 million).
Fairview is a purpose built terminal with a current capacity of 850,000 TEUs (twenty-foot equivalent container units), soon to be expanded to 1.35 million TEUs.
The concession period runs to 2034 with an extension to 2056 after the completion of Phase 2.
DP World also plans to undertake feasibility assessment in relation to development of the lands intended for further expansion which could potentially increase the capacity to 2.45 million TEUs.
”Fairview Container Terminal offers the fastest access for vessels traveling 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,” Mohammed Sharaf, Group Chief Executive Officer, DP World, said.
”The long-term concession and ability to build beyond the current phase 2 of expansion presents a fantastic opportunity for DP World.”
This is the second container terminal for DP World in Canada, with the company already operating the CENTERM terminal in Port Metro Vancouver.
DP World bought Fairview on a cash-free, debt-free basis, and the completion of the transaction is expected in the second half of 2015.
Image: Prince Rupert Port Authority