Dubai's DP World announces acquisition in Canada
Dubai's DP World has agreed to buy Canada's Fairview Container Terminal from Deutsche Bank for $457 million.
The terminal, in Prince Rupert, British Columbia, has a capacity of 850,000 twenty-foot equivalent unit (TEU) and plans tfor an expansion that will increase capacity to 1.35 million TEU upon completion in 2017.
The transaction is subject to Canadian regulatory approval and DP World, which already operates the CENTERM terminal in Port Metro Vancouver in Canada. expects to complete the deal in the second half of 2015.
Sultan Ahmed Bin Sulayem, chairman, DP World, said: "We are delighted to extend our global footprint with a second terminal in Canada. 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, DP World, added: "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."