AD Ports Group, which is backed by the UAE sovereign wealth fund ADQ, said its subsidiary, Noatum, has completed the divestment of its 27.9% stake in Barcelona Container Depot Service Group (BCDS) for an equity value of 11 million euros ($11.5 million), resulting in a one-off capital gain of EUR10 million ($10.5 million).
The divestment is in line with AD Ports Group’s strategy to proactively manage its asset portfolio and monetise non-core participations and investments, for which there is no path for majority ownership and/or operational control, AD Ports said in a statement on Abu Dhabi Securities Exchange.
BCDS is specialised in storage, maintenance, repair, and cleaning services of Dry and Reefer containers as well as ISO Tanks, operating from six locations across Spain.
Earlier this week, Noatum was set to fully acquire Sesé Auto Logistics, a part of the Spanish Grupo Logístico Sesé, for $84.7 million.
AD Ports which owns and operates 10 ports in the UAE, including the deepwater Khalifa Port in the Abu Dhabi and the Fujairah port, is looking to expand globally.
(Writing by Brinda Darasha; editing by Seban Scaria)