Bryan Cave Leighton Paisner has advised Australian superannuation fund MTAA Super on the sale of its interests in DCT Gdańsk, the largest container terminal in Poland, to a consortium of international investors including PSA International, the Polish Development Fund and the IFM Global Infrastructure Fund, managed by IFM Investors.
Subject to certain conditions precedent being satisfied, MTAA’s interests will be sold together with the interests of other outgoing shareholders, Macquarie Infrastructure and Real Assets (through its fund, Global Infrastructure Fund II), Statewide Super and Australian Super for an aggregate sale price of more than €1 billion.
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 program, 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.
The BCLP team advising on the sale included Mark Richards (partner and co-leader, Energy, Environment and Infrastructure), Patrick Johnson (partner, M&A and Corporate Finance) and Nicholas Myatt (partner, M&A and Corporate Finance).
MTAA also was advised by independent infrastructure manager Whitehelm Capital.