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DP World to acquire second Canadian terminal in Prince Rupert for $457m

DP World to acquire second Canadian terminal in Prince Rupert for $457m
DP World is to buy the Maher Terminal’s Fairview Container Terminal (Fairview) in Prince Rupert, British Columbia from Deutsche Bank for C$580m ($457m).

The 850,000 teu terminal would be DP World’s second in Canada adding to its terminal in Vancouver.

The concession for Fairview runs until 2034, and will be extended to 2056 after completion of its second phase that will expand the terminal to 1.35m teu. Phase two expansion is expected to be completed in the first half of 2017.

“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,” said Sultan Ahmed Bin Sulayem, chairman, DP World.

A feasibility study is to be undertaken on possible further expansion that would increase capacity to 2.45m teu.

“The long-term concession and ability to build beyond the current phase 2 of expansion presents a fantastic opportunity for DP World,” commented Mohammed Sharaf, group ceo of DP World.

The deal is subject to regulatory approvals and expected to be completed in the second half of 2015.