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Bankers back Dover Western Docks Revival Project by pledging £200 million in borrowing

Contributed by editor on Feb 04, 2017 - 09:05 AM

A consortium of leading British and European lenders has agreed a £200m package of loans to support the Port of Dover's flagship capital building programme.

 

 

 

The Dover Western Docks Revival project (artist impression top) will create a purpose-built cargo and logistics facility at the Port, which currently handles up to £119billion of UK trade each year.


Allianz Global Investors has agreed to provide the programme with a £55million private placement bond; RBS and Lloyds Bank have each provided a £35million revolving credit facility; and the European Investment Bank has confirmed a £75million loan.


Port of Dover Chief Executive, Tim Waggott, said: “Dover Western Docks Revival is the single biggest investment ever undertaken by the Port of Dover. It will define how we operate for decades to come.


“Currently handling 17 per cent of all the UK’s trade in goods, it is crucial the Port continues to evolve to meet the demands of an ever-changing political and trading landscape.


“The financial support supplied by blue chip lenders underlines the critical role Dover fulfils for UK and European economies, businesses and consumers. A prominent role which will remain into the future post Brexit.”


AllianzGI’s UK Infrastructure Debt Portfolio Manager, Adrian Jones, said: "The Port of Dover is a unique asset. Given its history and proximity to continental Europe, it is of vital importance to UK trade."


Jonathan Taylor, European Investment Bank Vice President, said: “This exciting new investment will transform Europe’s busiest ferry port, both improving the seafront and enabling increased and more diverse cargo to pass through Dover."


Guillaume Fleuti, Head of Infrastructure and Energy for Lloyds Bank Commercial Banking, said: “Dover has been the gateway for UK trade for over 400 years and is an iconic name within the Infrastructure market."


RBS acted as financial advisor to the Port of Dover as well as lender. Bruce Riley, Managing Director within its Structured Finance team, said: “The diversity, tenor and flexibility of the overall funding package achieved reflect the strength of the Port of Dover’s business and its enduring importance to the UK economy."


In addition to bespoke cargo and logistics facilities, Dover Western Docks Revival will also allow the Port to create a dedicated ferry terminal in the Eastern Docks and a transformed waterfront for Dover.  
 

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