An asset management giant has sold its near 40% stake in Peel Ports, the group behind the likes of Liverpool2 and Manchester Ship Canal, to a group of investment companies.
APG, Global Infrastructure Partners (GIP) and AustralianSuper have agreed to acquire the 37.4% holding in the Liverpool-headquartered group from DWS for an undisclosed sum.
The move sees AustralianSuper increase its stake in the Peel Ports, having already held a 25% stake.
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Peel Ports is one of the largest port operators in the United Kingdom, handling c.66 million tons of cargo in 2020.
The group also operates ports in Clydeport, Dublin, Great Yarmouth, Heysham and London Medway and turned over £792m in 2020, employing 1,500 people.
The deal is expected to close in the first quarter of 2022, pending regulatory review and approvals.
Mark Whitworth, CEO of Peel Ports Group, said: "Peel Ports Group has been at the forefront of the industry for over a decade in its delivery of growth and transformational infrastructure projects, which includes Liverpool's L2 container terminal, the 海角视频's only "Northern" deep sea gateway.
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"The ambitious partnership between shareholders and management has been a cornerstone of the company's success and we look forward to building on those achievements with our new like-minded shareholders APG & GIP, alongside The Peel Group and AustralianSuper.
"I would like to thank DWS for their support, expertise and long-term vision that's helped shape this highly successful business."
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Patrick Kanters, managing director real assets at APG, added: "The investment in Peel Ports, on behalf of our pension fund clients, represents an attractive opportunity to gain access to a high-quality, robust infrastructure asset with promising long-term growth potential.
"APG has been involved in Peel Ports since 2006 and we are pleased to convert our existing exposure into a larger direct investment.
"As a pension investor, we are constantly looking for attractive investments in infrastructure worldwide, to achieve stable and long-term returns for our pension fund clients and their participants.
"Peel Ports has a strong track record of growth, leadership and developing strong relationships with its customers and partners across the world.
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"We are fully supportive of Peel Ports' ambitions to continue to grow its 海角视频 footprint, whilst ensuring delivery of unparalleled service to its customers. We look forward to working with management and the other shareholders on this long-term partnership."
Michael McGhee, GIP partner, said: "GIP has deep experience and a strong track record of investing in and driving value from landlord ports.
"We regard Peel Ports as the premier landlord port company in the 海角视频 and a leader in the private ownership model for landlord ports globally.
"Peel Ports has a demonstrated track record of investing to support its customers' businesses and of clear commercial decision making to deliver certainty to supply chain participants in the 海角视频 over many years.
"We look forward to working with management to help deliver further growth as well as efficiencies to its customers and the wider 海角视频 logistics market."
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Nik Kemp, AustralianSuper head of infrastructure, added: "Generating the opportunity to increase our ownership interest in Peel Ports to be the largest shareholder behind The Peel Group highlights the fund's desire to acquire high quality infrastructure assets as we aim to continue to grow the portfolio materially in the years ahead.
"Peel Ports is a high-quality infrastructure asset that has proven to be a resilient investment and continues to contribute positively to the retirement savings of our members.
"We look forward to Peel Ports leveraging its strong customer relationships, strategic locations and deep logistics management expertise to capitalise on new opportunities emerging from the favourable economic outlook and expansion of global trade.
"Introducing to the shareholder register two high quality global infrastructure investors in APG and GIP enhances the foundation of the company to deliver on its next exciting stage of growth."
Hamish Mackenzie, head of Infrastructure at DWS, said: "Peel Ports was our flagship investment for our pan-European Infrastructure strategy outperforming our original investment case.
"DWS' active asset management approach has driven growth in the business, along with Peel Ports' demonstrated resilience through economic cycles since acquisition.
"Having built a successful relationship with the management team of Peel Ports, DWS was able to oversee significant capital expansion projects, including the development of the L2 container terminal, and several cost efficiency and operational improvement programmes over the course of our ownership. This is a very positive outcome for our investors.
"We are convinced that given the investment profile and sector expertise of the new shareholders, both APG and GIP will undoubtedly provide sound and robust long-term support for the ongoing growth of Peel Ports."