BRITISH COLUMBIA

Dubai-based DP World buying container terminal in Prince Rupert, B.C., for $580M

04/02/2015 12:58 EDT | Updated 06/02/2015 05:59 EDT
VANCOUVER - DP World Ltd. has signed a deal to buy Maher Terminal's Fairview Container Terminal in Prince Rupert, B.C., from Deutsche Bank for $580 million.

The terminal has capacity for 850,000, 20-foot equivalent container units and has announced an expansion that will increase capacity to 1.35 million TEU.

The expansion is expected to be completed in the first half of 2017 and will add capacity to Canada’s Asia-Pacific Gateway.

The Dubai-based port operator also said it will look to do a feasibility assessment in connection with a further expansion which could potentially increase the capacity to 2.45 million TEU.

The company said the deal, which is subject to Canadian regulatory approvals, is expected to be completed in the second half of 2015.

DP World is the operator of the CENTERM terminal in Vancouver.

"Fairview Container Terminal offers the fastest access for vessels travelling between Asia and North America," DP World chief executive Mohammed Sharaf said in a statement.

"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."