Wednesday, March 30, 2016

Deep Water Container Port Obtains Half a Billion Pounds Plus with 30 Year Investment

Investors in River Thames Side Development Look to the Future of Box Traffic
Shipping News Feature
UK – DUBAI – Confidence remains that the country’s latest deep water container port, London Gateway, will prove a long term success as the news comes of a 30 year term debt investment in the River Thames side facility. The money, a total of over half a billion pounds, will service the outstanding loan on the DP World project and provide funding for the third berth which will expand the port’s throughput capability.

Altogether DP World has received £580 million under the new arrangement, Legal & General Retirement providing £250 million, the Pension Protection Fund a further £150 million whilst MEAG Munich Euro and the German Doctors Pension Fund have provided £110 million and £70 million respectively.

Originally, in 2011, the giant project was funded with money from a conglomerate of nine banks and the European Investment Bank and has since grown steadily, with many seeing the port as the future for much of the country’s container traffic with its location in the south east, a riverside position sheltered from the extremes of weather which occasionally blight other ports such as Felixstowe and Southampton. Speaking of the new financial arrangements Kerrigan Procter, Managing Director of Legal & General Retirement said:

“The investment in the port is a win for UK infrastructure, UK growth and UK pensions. Funding the port with long-term capital will help UK businesses grow by increasing global trade; in return pension funds will derive an income to pay their pensioners.”