Port of Valencia expansion project

The project includes a €1OOm investment in port infrastructure and operations to accommodate future growth including increased quay and yard space and improved intermodal connectivity.

Paul Ryan, Global Head of Infrastructure for J.P. Morgan Asset Management, said: “We firmly believe the Spanish economy has turned the corner, which will have a positive effect on trade activity. Growth rates were positive in the second half of 2013 ending a nine quarter double-dip recession. We expect around 1% growth in 2014 and 2% in 2015 and beyond”.

He pointed out that trade volumes and the activity in Spanish ports have just ended a very rough period, and as economic recovery is starting, the recovery in seaborne trade volumes will even be stronger.

“As long-term infrastructure investors, our commitment to Noatum Ports and Noatum Maritime (Marmedsa) remains strong and steadfast. We look forward to playing an important role in developing Valencia’s traffic and customer base for many years to come”, he added.

J.P. Morgan Asset Management owns a majority stake in Noatum on behalf of institutional investors.

Noatum Ports is the largest maritime terminal operator in Spain, with assets in Bilbao (Noatum Container Terminal Bilbao), Valencia (Noatum Container Terminal Valencia), Málaga (Noatum Container Terminal Málaga) and Las Palmas (Operaciones Canarias Las Palmas, OPCSA), as well as the largest vehicle handling terminal in the Mediterranean, based in Barcelona (Autoterminal).