GIP to sell Great Yarmouth Port
Global Infrastructure Partners (GIP) has plans to sell the Great Yarmouth Port Company, which trades as EastPort UK, before the end of the year.
Great Yarmouth Port (GYP) is a river and sea port located on the east coast of England. It is the principal port supporting the offshore energy industry in the Southern North Sea and also services general cargo and other European trades. GYP is the closest UK port to the Benelux region, provides good access to the UK Midlands national distribution centers and has good proximity to Southern North Sea oil fields and the development sites of some of the UK's largest offshore wind projects.
GIP has hired Hillbrook Partners, an independent corporate finance advisory firm specialising in the transportation and infrastructure sectors, to advise it on the sale
In 2007, GIP reached an agreement with the Great Yarmouth Port Authority to acquire a 99-year leasehold interest in the existing river port assets of Great Yarmouth for nominal consideration and a commitment to invest in an outer harbor sea port expansion.
GIP has overseen this development of a new, deep water outer harbor at GYP that complements the facility's existing river port. The expansion has substantially enhanced the port's capacity and enabled the servicing of larger ships and a greater range of trades and commodities.
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