A global independent infrastructure fund manager and a French shipping company will acquire a minority stake in a Spanish container terminal.
DIF Capital Partners (DIF), through its DIF Core Infrastructure Fund I (CIF I), and CMA CGM have signed a sale and purchase agreement with South Korean shipping line HMM for the acquisition of a 49% stake in the Total Terminal International Algeciras S.A. (TTIA) container terminal in the Port of Algeciras Bay. TTIA is currently 100% owned by HMM.
Thomas Vieillescazes, partner of DIF, said: “We are delighted to initiate this partnership with CMA CGM, investing alongside world-leading shipping companies and port operators. TTIA is a modern and well-managed terminal, strategically located at the Strait of Gibraltar, with partners providing long-term volume support, making this an attractive investment for CIF I.”
TTIA is a semi-automatic container terminal, strategically located in the bay of Algeciras, at the Strait of Gibraltar directly on the main shipping routes for containerized maritime traffic to Asia, Europe, the Mediterranean, North and West Africa as well as North and South America. Such a strategic location has allowed the terminal to maintain strong volumes despite the Covid-19 crisis. TTIA operates under a concession provided by the Port of Algeciras Bay Authority which runs until 2043.
TTIA will benefit from long-term support from both HMM and CMA CGM, who as major shipping companies and port operators, have decided to join forces to support and develop this strategic terminal.
The completion of the acquisition remains subject to conditions.
Source: Port Strategy