DP World To Proceed With London Gateway, Invests GBP136 Million

Marine terminal operator DP World Ltd. (DPW.DIF) Monday said it has bought the remaining 1,000 acres of land for its London Gateway and Logistics Park project after it decided to proceed with the construction.

The company said it bought the land and Royal Dutch Shell PLC's (RDSB) remaining interests in the project for GBP136 million.

DP World said it would proceed with the construction of the essential infrastructure that lays the foundation of London Gateway, a new deep-water container port, after its board reviewed a number of options for the project in the light of the current market downturn.

There have been doubts over the future of the project after DP World's parent company, Dubai World Corp., requested a freeze on some $26 billion of debt payments while it restructures the group.

DP World said it will continue to review the development of the port and park operations in line with market demand. DP World is one of the largest marine terminal operators in the world with 49 terminals and 12 new developments across 31 countries.

-By Anita Likus, Dow Jones Newswires; [phone]; [e-mail]