JP Morgan denies selling Noatum ports business
According to sources, JP Morgan Asset Management said that rumors regarding the potential sale of the Spain-based terminal operator Noatum ports are not true.
Noatum is owned 67% by JP Morgan and 33% by Dutch pension fund APG.
JP Morgan Asset Management is reaffirming its long-term support and investment in Noatum by launching a €100 million (US$139 million) redevelopment project in the port of Valencia, one of its best performing assets.
The new investment will add 538m of quay line (to the existing 1,780m) and 24 hectares of yard space (+25% approximately). The rail links in the dock area will be extended by 250m to allow for longer trains.
Mr. Robert Hardy, JP Morgan director, said to a specialized ports magazine that they were very positive about the future prospects. He added:
Noatum owns key port assets in Spain with container terminals in Valencia, Bilbao and Las Palmas and a vehicle terminal in Barcelona."We would not be making this kind of investments if we did not see fairly significant growth through Valencia in the future. There have been some rumours to the contrary in the market with regard to our intentions for Noatum and for Noatum Maritime. But this shows that we continue to invest and grow these businesses for the future."
Noatum purchased its assets in Spain from Dragados SPL last August 2010 for €720 million ($916 million) at about 60% of its evaluated price, according to JP Morgan Asset Management.
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