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PSA International inks agreement to acquire Poland's largest container terminal
PSA International has signed an agreement with two funds to jointly acquire the largest container terminal in Poland, in its first investment in Eastern Europe, the port and terminal operator announced on Tuesday.
The agreement to acquire the terminal from Macquarie Infrastructure and Real Assets managed fund Global Infrastructure Fund II, MTAA Super, AustralianSuper and Statewide Super is subject to formal approval by the relevant competition authorities, PSA said in a joint statement with its partners the Polish Development Fund (PFR) and the IFM Global Infrastructure Fund (GIF) managed by IFM Investors.
DCT Gdansk is located at the crossroads of the Baltic deep-sea trading routes and holds a strategic position as a major gateway into Poland and Central-Eastern European markets. It is the only terminal in the Baltic that can serve Ultra Large Container Vessels, or the world's largest container ships with a capacity of up to 23,000 Twenty-Foot Equivalent Units (TEUs).
It is also the fastest-growing container port in Europe and among the 15 largest container ports on the continent, with container volumes growing steadily to reach 1.9 million TEUs in 2018.
"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," said Tan Chong Meng, group CEO of PSA International.
"Through leveraging our global network and our expertise in creating value for the port and shipping communities, PSA will partner shipping lines, logistics operators and cargo owners to deliver more efficient, flexible and robust supply chain solutions for the region."
As DCT Gdansk is expected to reach full capacity utilisation in the coming years, PSA, PFR and IFM Investors will explore construction of a new expansion area and future increases in capacity to further develop the terminal.