Two bidders competing with APM Terminals for a concession to operate the Port of Virginia presented their multibillion-dollar proposals to state officials.
The Carlyle Group, a Washington-based private equity group, and RREEF, a real estate investment arm of Deutsche Bank, outlined their proposals at a special meeting of the Virginia Port Authority.
Carlyle’s proposal is estimated to be worth $1.78 billion to $2.1 billion over the life of the contract. RREEF’s proposal has an estimated value of $3.3 billion.
APM’s proposal, announced May 23, is worth up to $4 billion in current dollars over the proposed 48-year term.
Virginia is considering whether to contract with a private company to take over the operations from Virginia International Terminals, the port authority’s private operating company.
“We’re going to spend the next couple of months doing our due diligence, looking at what we want in terms of cargo and revenue growth and which option ensures both,” state Transportation Secretary Sean Connaughton told the Norfolk Virginian-Pilot after the meeting.