Cosco Pacific, China Merchants Holdings (CMHI) and CIC Capital have bought a controlling stake in Turkey’s Kumport Terminal at Ambarli Pot Complex.
Known as the Consortium SPV, the joint venture (JV) has acquired a 64.52 per cent share in Turkeys Kumport Terminal for US$918.8m.
Chinese port operators Cosco and CMHI hold a 40 per cent stake in the JV while CIC Capital holds the remaining 20 per cent.
The Kumport Terminal on Turkey’s northwest coast in Istanbul is the third largest container terminal in the country, holding a capacity of 1.84m TEUs with room toe xpand to 3.5m TEUs
The investment is seen as a step in China’s ‘One Belt, One Road’ trade strategy to boost Asia-Europe trade.
“Kumport Terminal has good development prospects given the potential business synergy between Kumport Terminal and [Cosco Pacific’s] existing investment in Piraeus Container Terminal in Greece,” said the Cosco board in a company statement. “Furthermore, Kumport Terminal is situated in Turkey, which is a strategic location along the ‘Silk Road Economic Belt and the 21st Maritime Silk Road’.”