The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Virginia port attracts unsolicited bid

Real estate and logistics developer CenterPoint Properties has proposed a 60-year concession for the Port of Virginia to the Virginia Department of Transportation. The unsolicited proposal will set in motion a process by which VDOT will solicit competing proposals before selecting a bidder. The process is governed by Virginia's 1995 Public-Private Transportation Act (see guidelines here), and could spark a number of proposals from existing port operators, shipping operators and infrastructure funds.

CenterPoint says that it will invest $8.9 billion ($3.5 billion in today's dollars) over the life of the concession, and would provide both upfront and continuing concession payments to, as well as share excess revenue with, the Commonwealth of Virginia. It also says that the Commonwealth Transportation Fund would no longer have to pay the port a subsidy. Virginia International Terminals, the current operator of the port, would continue to run it under a contract with the potential concessionaire.

More stories from Project Finance

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree