Dubai-based marine terminal operator DP World said April 2 that it intends to acquire the 59-acre Fairview Container Terminal at the Port of Prince Rupert from Deutsche Bank. The amount being paid is $580 million Canadian, which is equivalent to about $457 million US.
Fairview, which was the first dedicated intermodal (ship to rail) container terminal in North America and has a current capacity of 850,000 TEUs, recently announced an expansion that could bring capacity to 1.35 million TEUs.
The expansion, which is expected to be completed in the first half of 2017, is designed to add capacity and efficiency to Canada’s Asia-Pacific Gateway and Corridor.
“Fairview Container Terminal offers the fastest access for vessels traveling between Asia and
North America,” DP World’s Group Chief Executive Officer, Mohammed Sharaf, said. “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 of expansion presents a fantastic opportunity for DP World.”
The transaction, which is subject to Canadian regulatory approvals, is expected to be complete in the second half of 2015, according to DP World.
DP already operates another terminal on Canada’s West Coast, the Centerm container facility at Port Metro Vancouver.
“We are delighted to extend our global footprint with a second terminal in Canada,” DP World Chairman Sultan Ahmed Bin Sulayem said in a prepared statement. “The addition of capacity to our portfolio will contribute to DP World’s continued growth and the delivery of shareholder value.”
