Abu Dhabi-based AD Ports Group has confirmed that its Spanish unit Noatum Terminals has acquired 100% ownership of APM Terminals Castellón in Spain for €10 million ($10.95 million).

The acquisition agreement with APM Terminals has already obtained regulatory and stakeholder approvals, and the change of ownership will take place immediately, AD Ports said in a statement on Tuesday.

The acquisition is part of a strategy to consolidate Noatum’s position as a major multipurpose port operator in Spain and is expected to further boost the logistic firm’s terminal capacity.  

Noatum Terminals is part of Noatum Group. AD Ports took 100% ownership of the logistics group last year following an acquisition deal worth €660 million.

“With the acquisition…, Noatum’s combined capacity at Castellón is 250,000m2 in size and an annual capacity to handle 250,000 TEUs, representing around 70% of the container volume capacity of the Port of Castellón,” the statement said.

“The two terminals, which can also handle 2 million tonnes of bulk cargo alongside RoRo (roll-on, roll-off ships), are connected via direct rail links to the hinterland and serve the Mediterranean, Middle East and North Africa regions – thereby positioning the port to be more competitive in capturing volumes and serving various industry sectors.”

(Writing by Cleofe Maceda; editing by Seban Scaria) seban.scaria@lseg.com