Dubai-based DP World, which is acquiring Maher Terminal’s Fairview Container Terminal (Fairview) in Canada, says the container terminal presents growth opportunities.

DP World will pay Deutsche Bank $457 million for the acquisition. Fairview in Prince Rupert City, is a purpose built terminal with an efficient sea-rail link and a current capacity of 850,000 teu with a planned Phase 2 expansion that will take capacity to 1.35 million teu.

The concession period runs to 2034 with an extension to 2056 after the completion of Phase 2. Total consideration payable is C$580 million ($457 million) for the total outstanding stock of Fairview on a cash-free, debt-free basis.

DP World has been a significant investor in Canada and operates the Centerm terminal in Port Metro Vancouver.

Implementation of the Phase 2 expansion is expected to be completed in the first half of 2017 and will add capacity and efficiency to Canada’s Asia-Pacific Gateway and Corridor. Expansion is projected to create more than one-half million hours of construction work and more than 500 FTE jobs.

There will be a feasibility assessment in relation to development of the lands intended for further expansion which could potentially increase capacity to 2.45 million teu.

Sultan Ahmed Bin Sulayem, chairman, DP World, noting that his company’s global footprint would be expanded with a second terminal in Canada, remarked:  “The value proposition is compelling and the addition of capacity to our portfolio will contribute to DP World’s continued growth and the delivery of shareholder value.”

Mohammed Sharaf, group chief executive officer, DP World, said: “Fairview Container Terminal offers the fastest access for vessels travelling between Asia and North America. The terminal also offers the highest productivity rates on the West Coast and an efficient rail link to the hinterland. The long-term concession and ability to build beyond the current Phase 2 of expansion presents a fantastic opportunity for DP World.