A company owned by the government of Dubai is set to purchase Fairview Terminal from Deutsche Bank for $580 million.
DP World Ltd. announced today its intention to purchase the operations, with the transaction expected to be complete in the second half of this year.
“Fairview Container Terminal offers the fastest access for vessels traveling between Asia and North America. The terminal also offers the highest productivity rates on the West Coast and an efficient rail link to the hinterland,” said DP World CEO Mohammed Sharaf, noting further growth at the terminal is top of mind for the company with plans to conduct a feasibility study to grow the terminal to 2.45 million TEUs.
“The long-term concession and ability to build beyond the current Phase 2 of expansion presents a fantastic opportunity for DP World.”
The company says some of the benefits to the province and the region include access to DP “World’s “state-of-the-art supply chain securities and safety practices” and “world-class productivity enhancing best practices in container terminal development and operation”.
Prince Rupert Port Authority manager of corporate communications Michael Gurney said the deal to sell Fairview Terminal can only be seen as positive.
“DP World is one of the world’s top three container terminal operators, and its move to acquire Fairview Container Terminal represents a positive step in the evolution of Prince Rupert’s port operations,” he said.
“While the sale has still to be approved by Investment Canada, we can say that DP World’s commitment to Fairview expansion — and its reputation for excellence in operations — would sustain the terminal’s growing impact on economic activity regionally and on a broader scale.”
The agreement is subject to Canadian regulatory approvals.