PSA, PFR and IFM investors partner to jointly acquire Gdańsk

PSA International Ptd Ltd (PSA), the Polish Development Fund (PFR) and the IFM Global Infrastructure Fund (GIF) managed by IFM Investors, have signed an Agreement, subject to formal approval by the relevant competition authorities, to jointly acquire 100% of the shares of DCT Gdańsk, the largest container terminal in Poland, from Macquarie Infrastructure and Real Assets (MIRA) managed fund Global Infrastructure Fund II, MTAA Super, AustralianSuper and Statewide Super.

DCT Gdańsk is situated 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. Construction of the Port began in 2005 with the outgoing shareholders facilitating the greenfield development of the port and overseeing 13 years of transformational growth. Following a significant capital expenditure programme, the port’s capacity doubled in 2016 with the completion of a second quay. Container volumes have grown steadily over the years to reach 1.9 million Twenty-Foot Equivalent Units (TEUs) in 2018.

DCT Gdańsk is the fastest growing container port in Europe and is ranked amongst the 15 largest container ports on the continent. With a quay length of 1,306 meters and a maximum depth of 17 meters, the terminal is well-equipped to handle the largest container vessels calling at the terminal already today.

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 to utilize and leverage economic growth of Poland and the CEE.”

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, MIRA, MTAA Super, AustralianSuper and Statewide Super, 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.” 

DCT Gdańsk is the only terminal in the Baltic that can serve ULCVs (Ultra Large Container Vessels), the world’s largest container ships with a capacity of up to 23,000 TEUs. It provides shipping lines and end-customers with a reliable and cost-effective alternative to the ports of Northern Europe, servicing direct connections with Asia all year round.

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.