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JP Morgan Considers Sale Of 49% Of CSP (Spain)

JP Morgan considers sale of 49% of CSP (Spain)

Source: COSCO Shipping Ports Ltd
València, Spain (PortSEurope) October 28, 2020 – Reports in Spain suggest that funds JP Morgan Asset Management and Stichting Pensionenfonds ABP are considering selling their 49% stake in COSCO Shipping Ports (Spain) Terminals. The estimated value is around €200 million. COSCO Shipping Ports (Spain) Terminals is the operator of the port terminals of Valencia (CSP Iberian Valencia Terminal), Bilbao (CSP Iberian Bilbao Terminal) and the
Dry Ports of Madrid (Conte Rail) and Zaragoza (CSP Iberian Zaragoza Rail Terminal). It also controls Malaga’s Maltransinter (previously called Noatum Containter Terminal Málaga), CSP Iberian Rail Services (formerly Noatum Terminal Graneles Santander) and Sagtransinter (formerly Noatum Terminal Polivalente Sagunto). In June 2017, COSCO Shipping Holdings Co Ltd said it would buy a 51% stake in a Spanish container terminal operator for €203.49 million ($227.81 million), extending its ports and terminals business networks over the Mediterranean and European areas. The Chinese shipping group said its controlled COSCO Shipping Ports Ltd would buy the controlling stake in Noatum Port Holdings S.L.U. from Spain incorporated TPIH Iberia S.L.U. in a deal to be funded by internal resources and bank borrowings. The contract included a sale option by JP Morgan and ABP of the remaining 49% to COSCO. According to the last annual report filed, of 2018, COSCO Shipping Ports (Spain) Terminals generated €20.9 million, with revenues of €247.8 million and a gross operating result (net) of €58.2 million. Copyright (C) PortSEurope. All Rights Reserved. 2020.

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