PSA International has signed an agreement with two funds to jointly acquire the largest container terminal in Poland - its first investment in Eastern Europe.
The agreement to acquire Deepwater Container Terminal (DCT) Gdansk 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, the port and terminal operator announced on Tuesday.
It did so 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 is strategically positioned as a major gateway into Poland and the central-eastern European markets.
Construction began in 2005, with greenfield development and 13 years of growth facilitated by the outgoing shareholders.
The capacity of the terminal doubled in 2016 with the completion of a second quay, and its container volumes have grown steadily, hitting 1.9 million twenty-foot equivalent units (TEUs) last year.
It is the only terminal in the Baltic that can serve ultra-large container vessels - the world's largest container ships with capacities of up to 23,000 TEUs. It is also the fastest-growing container port in Europe and among the 15 largest container ports on the continent.
Mr Tan Chong Meng, group chief executive of PSA International, said: "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."
He said PSA will leverage its global network and expertise to partner shipping lines, logistics operators and cargo owners to deliver more efficient, flexible and robust supply-chain solutions for the region.
IFM Investors' global head of infrastructure Kyle Mangini said: "We are delighted to further consolidate our existing partnership with the 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."
PFR CEO Pawel Borys said: "I believe that the unique combination of local and international content, as well as PSA's operational know-how, will reinforce DCT Gdansk for further growth."
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 increases in capacity to further develop the terminal.
