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            october 14, 2019

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DP World and ABP sell London's Tilbury CT


Dubai's DP World and Associated British Ports have sold control of the Port of Tilbury, London's nearest container terminal, to Scottish ports operator Forth Ports for GBP95 million (US$149 million).
Forth Ports plans to integrate the facility with its existing short-sea container terminal at Tilbury, which last year experienced a volume increase of 7.6 per cent to 126,000 units, reports London's Daily Telegraph.
The deal, which values TCS at GBP142 millions comes a day after Forth sold its flagship Ocean Terminal shopping centre in Leith, which was reportedly worth GBP100 million.
Said Forth Ports CEO Charles Hammond: "With 100 per cent ownership of TCS, we plan to combine our existing short sea container terminal with TCS to create a new container business branded London Container Terminal. The combined terminal will handle close to half a million containers and makes us the third-largest single container operation in the UK. This further underlines Tilbury's role as a distribution and transhipment hub for London."

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