APM to Lease its Portsmouth Facility to Virginia

28 June 2010 (Last Updated June 28th, 2010 18:30)

APM Terminals has agreed to lease its Portsmouth facility in Virginia, US, to the Virginia Port Authority (VPA) for 20 years. Under the $865m lease contract, the VPA is expected to pay a rent of up to $41m for three years, which could be increased to $44m in 2014-30. Volume paymen

APM Terminals has agreed to lease its Portsmouth facility in Virginia, US, to the Virginia Port Authority (VPA) for 20 years.

Under the $865m lease contract, the VPA is expected to pay a rent of up to $41m for three years, which could be increased to $44m in 2014-30.

Volume payments for cargo over 500,000 containers a year would increase total payments to APM to more than $1.1bn over the lease period, Reuters said quoting Lloyd’s List.

APM said the lease agreement would substantially increase the marketability of the Portsmouth facility and position Virginia to become the leading port on the US East Coast.