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21 April – LAWFUEL – The Law News Network – Allen & Overy believes its…

21 April – LAWFUEL – The Law News Network – Allen & Overy believes its work on the Antwerp Gateway container terminal project, which achieved financial close yesterday, highlights the potential for further project finance developments in Belgium.

This is a landmark transaction, being the first project financing of a container terminal in the port of Antwerp. It is also a good example of the cross-jurisdictional co-operation necessary to achieve effective project finance solutions in the European market.

“We are delighted to have been involved in this significant project, dealing with an English and Belgian mix of project contracts, security structures and legal principles, then fitting them into a bankable financing package,” said Calvin Walker, partner in Allen & Overy’s London-based Project Finance Practice.

“It was quite a challenge to implement well established Anglo-Saxon project finance structures in a Belgian port-related context, and there were a number of complex legal hurdles to overcome,” added Filip Tanghe, partner in Allen & Overy’s Antwerp-based Banking Practice.

The Antwerp and London offices of Allen & Overy, advised Barclays Capital, KFW and KBC Bank NV on the EUR 143 million financing of the project. The project comprises a container terminal on the East side of the new Deurganckdok in the port of Antwerp. The shareholders of the Belgian project company, Antwerp Gateway NV, include P&O Ports Europe NV, P&O Nedlloyd Holdings Limited, Duisport Duisburger Hafen AG and COSCO Ports Antwerp NV.

The Allen & Overy team was led by Calvin Walker in London, assisted by projects associate Gregor Jackson. Filip Tanghe led the Antwerp team, assisted by associates Yves Van Pul and Axel Craeybeckx. Linklaters and local Belgian law firm Liedekerke advised the project company.

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