Canada's Brookfield Asset Management takes over UK's PD Ports

A LEADING port operator of container, bulk and car terminals located chiefly in the northeast of England, PD Ports, has confirmed that it is under new ownership, following the sale of 100 per cent of its equity to Canada's Brookfield Asset Management.

The sale was part of a broader transaction with Australia's Babcock & Brown Infrastructure (BBI) in which Brookfield led a recapitalisation of BBI, a PD Ports' statement said.

Brookfield has formed a new holding company, Brookfield Ports (UK) Ltd, to complete the purchase of PD Ports. BBI had owned PD Ports since early 2006.

David Robinson, PD Ports' Group chief executive officer said: "I am pleased to confirm that PD Ports is now under the new ownership of Brookfield. This is very positive news and will enable PD Ports to move forwards and focus on growing our business. As a result of the sale, PD Ports has a new financial structure, which will provide a stable platform to support our future growth and development.

"We very much look forwards to working with Brookfield and welcome the positive influence it will have over the longer term ambitions of PD Ports," he said.

Sam Pollock, Brookfield's managing partner, infrastructure, added: "Our investment in PD Ports represents our first foray into ports, a key infrastructure sector with attractive investment characteristics aligned with our other businesses, including stable and predictable cash flows, high quality, long-life assets and a well-established customer base."

Brookfield's portfolio includes major infrastructure, renewable power and real estate assets and businesses.

(Source: www.schednet.com)