DP World has sold its 25 percent stake in a container terminal in Russia’s Far East to its local partner and majority shareholder Global Ports Investment for $230 million.
The deal, which is expected to close at the end of the week, is the latest in the Dubai-based company’s disposal of non-core assets.
Global Ports already owns 75 percent of Vostochnaya Stevedoring, which operates the Vostochny terminal, the biggest on Russia’s Pacific coast.
The deal consolidates London-listed Global Ports position as Russia’s leading container terminal operator, with traffic totaling 1.35 million 20-foot-equivalent units in 2011, around 30 percent of the country’s total seaborne box traffic.
State-owned DP World said its minority stake in the terminal “was a legacy investment with limited management involvement, therefore we have taken the opportunity to realize value by divesting our shareholding to our long-term partner.”
DP World, which inherited the Russian terminal in its takeover of the U.K.’s P&O Ports in 2006, agreed to two disposals in September: a 60 percent stake in a breakbulk terminal in Antwerp and a 50 percent stake in the container terminal in the Port of Aden, Yemen.
DP World also sold a 34 percent stake in the U.K.’s Tilbury Container Services, which operates a terminal near London, for $75.5 million in January.
In July, the company was forced to sell its 60 percent stake in a container terminal in Adelaide, Australia, to Flinders Port after the Australian company exercised an option to buy the stake.
The asset disposals began with the $1.5 billion sale of DP World’s Australian container operations to U.S.-based Citi Infrastructure Partners in 2011.
APM Terminals, A.P.Moller-Maersk’s port operating arm, acquired a 37.5 percent stake in Global Ports for $860 million in September.
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