PSP Investments welcomes new investment partners to Forth Ports
The Public Sector Pension Investment Board (“PSP Investments”) has announced the closing of the Forth Ports Limited transaction. PSP Investments has sold minority stakes in Forth Ports Limited to long-term investment partners, including GLIL Infrastructure (GLIL), First State Super, and Construction and Building Unions Superannuation (Cbus).
Forth Ports is a dynamic, UK-based multimodal ports owner and operator, with ports serving as logistical gateways across the UK, connecting the UK with Europe and the rest of the world. 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. Tilbury is the site of a major new port terminal, Tilbury 2, while the Port of Dundee is the site of the growing offshore wind sector and North Sea oil and gas decommissioning industries.
About PSP Investments
The Public Sector Pension Investment Board (PSP Investments) is one of Canada's largest pension investment managers with C$153 billion of net assets as of March 31, 2018. It manages a diversified global portfolio composed of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montréal and offices in New York and London.
GLIL Infrastructure LLP (GLIL) is a joint venture between a number of UK Local Government Pension Funds targeting investments in core infrastructure assets predominantly in the UK. The founding partners of GLIL are the pension funds of Greater Manchester, Merseyside, West Yorkshire, who are known collectively as the Northern Pool, and Local Pensions Partnership (LPP) which manages the assets of Berkshire, Lancashire, and London Pensions Fund Authority. GLIL has committed capital of £1.8 billion. Following this acquisition, it has invested over £1 billion into UK infrastructure assets.
About Forth Ports
Forth Ports Limited is one of the UK’s largest port groups and owns and operates eight commercial ports in the UK – Tilbury on the Thames, Dundee on the Firth of Tay and six on the Firth of Forth – Leith, Grangemouth, Rosyth, Methil, Burntisland and Kirkcaldy. Within and around the Firths of Forth and Tay, Forth Ports manages and operates an area of 280 square miles of navigable waters, including two specialised marine terminals for oil and gas export and provides other marine services, such as towage and conservancy.