GLIL Infrastructure, First State Super and Cbus have acquired minority stakes in a commercial ports business from Public Service Pension Investment Board (PSP Investments).
Last week, Arcus European Infrastructure Fund 1 agreed to sell its shares in Forth Ports to PSP Investments. At the time, Canada鈥檚 PSP Investments said after financial completion, it will partner with other long-term investors who are well aligned to support the future growth of Forth Ports.
PSP Investments said it has now closed the transaction and has sold minority stakes to long-term investment partners, including GLIL, Australia鈥檚 First State Super and Cbus.
Forth Ports is a UK-based multimodal ports owner and operator. It owns and operates eight commercial ports on the Firth of Forth, the Firth of Tay and the Thames, with strategic positions in Tilbury (London), Grangemouth and Dundee.
PSP first invested into Forth Ports seven year ago.
Charles Hammond, the group CEO of Forth Ports, said: 鈥淲e are very pleased to be partnering with such high-quality global investment firms to deliver on our ambitious expansion and investment programme around the UK.
鈥淭his now gives the Group a long-term stable shareholding base which will help and support us in implementing our growth strategy. We look forward to continuing our long and stable association with PSP Investments, while at the same time commencing a new partnership with First State Super, Cbus and GLIL.鈥�
Patrick Samson, the managing director and head of infrastructure investments at PSP Investments, said: 鈥淔ollowing our acquisition of Arcus European Infrastructure Fund 1 LP鈥檚 stake in Forth Ports, we are very excited to partner with First State Super, Cbus and GLIL as we commence the next phase of the company鈥檚 development, led by Forth Ports鈥� stellar management team.
鈥淲e will continue to own a majority of Forth Ports, which will form a core part of our UK infrastructure investments portfolio.鈥�
Cbus CEO David Atkin, said: 鈥淔orth Ports has a proven track record of strong performance and high growth, with a strong management team that shares Cbus values of responsible, long-term and sustainable practice, it is an expanding ports operator with long term value underpinned by freehold title to all ports.
鈥淲ith this partnership, we now hold stakes in ports from Sydney to Edinburgh.鈥�
