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DCT Gdańsk sold to PSA-led consortium

A consortium of PSA International, the Polish Development Fund and the IFM Global Infrastructure Fund managed by IFM Investors, have signed an agreement, subject to formal approval by the relevant competition authorities, jointly to acquire 100% of the shares of DCT Gdańsk

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DCT Gdańsk sold to PSA-led consortium

A consortium of PSA International, the Polish Development Fund and the IFM Global Infrastructure Fund managed by IFM Investors, have signed an agreement, subject to formal approval by the relevant competition authorities, jointly to acquire 100% of the shares of DCT Gdańsk.

 

Rumours that Macquarie and its partners in DCT Gdańsk and Halterm, Halifax were looking to sell these assets began circulating last year.

 

DCT (Deepwater Container Terminal) Gdańsk is the largest container terminal in the Baltic with a throughput of 1.8M TEU last year, up from 1.3M TEU in 2016, making it the fastest-growing container port in Europe in the past few years. Capacity was doubled in 2016 when Terminal 2 was completed.

 

The facility has been owned by Macquarie Infrastructure and Real Assets (MIRA) managed fund Global Infrastructure Fund II, MTAA Super, AustralianSuper and Statewide Super since it opened.

 

Given the constant growth and development of the business, the terminal is expected to reach full capacity utilisation in the upcoming years. To allow for further development of DCT Gdańsk, PSA, PFR and IFM Investors will explore the construction of a new expansion area and further increases in capacity.

 

The agreement is subject to regulatory approvals.

DCT Gdańsk is the only terminal in the Baltic that can serve ULCVs with a capacity of up to 23,000 T
DCT Gdańsk is the only terminal in the Baltic that can serve ULCVs with a capacity of up to 23,000 T

Tan Chong Meng, Group CEO of PSA International, said: “DCT Gdańsk is PSA’s first investment in Eastern Europe, and we look forward to working closely with our partners PFR and IFM to further develop its facilities and to strengthen its position as the preferred port of call for Poland and the Baltic Sea. Through leveraging our global network and our expertise in creating value for the port and shipping communities, PSA will partner with shipping lines, logistics operators and cargo owners to deliver more efficient, flexible and robust supply chain solutions for the region.”

 

Paweł Borys, CEO of PFR, said: “We are pleased that we managed to successfully complete the acquisition of a special asset - the only deep-water container terminal in Poland and the entire Baltic Sea basin. I believe that the unique combination of local and international content, as well as PSA’s operational know-how will reinforce DCT Gdańsk for further growth. The new owners support DCT’s ambitious expansion plans, including construction of a new terminal in the coming years.”

 

IFM Investors Global Head of Infrastructure, Mr. Kyle Mangini, said: “We are delighted to further consolidate our existing partnership with global leader in port operations, PSA, and join leading Polish fund PFR, whose insight into the Polish market has been invaluable to the consortium. The transaction also marks another investment for IFM in a core infrastructure asset in Poland, expanding upon our long-standing presence in the country.”

 

Speaking on behalf of the outgoing shareholders, Martin Stanley, Global Head of Macquarie Asset Management, said: “We are proud of the role we’ve played in the development of Poland’s burgeoning maritime and logistics sector through our investment in DCT Gdańsk. The close partnership between Macquarie, MTAA Super, AustralianSuper, Statewide Super and the port’s management team has seen DCT Gdańsk become an important gateway for Poland to the rest of the world. We leave the business well positioned to serve the needs of this dynamic region and wish the new shareholders well as they embark on the next phase of the port’s growth story.”

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