Macquarie Korea is lead investor in Pusan New Port

MACQUARIE Korea Infra Fund, the local investment offshoot of Australia’s Macquarie Bank, is the lead investor in a new phase of development at Pusan New Port.

Macquarie Korea and seven other companies, including CMA CGM, are to invest close to $550million to build four berths at Pusan New Port, with a total capacity of 1.8million TEU. Completion of the four common-user berths is scheduled for 2011.

The group includes Israel’s Zim Ports and Terminals, the Logistics arm of Zim Integrated Services, Hyundai Development Co, Korea Marine Transport Co, Kukje Transportation Co, KCTC and the Busan Port Authority.

Macquarie Korea recently entered into an agreement with Hanjin Shipping. The agreement will see the investment fund take a 40% stake in the shipping company’s terminal operations in Kaohsiung, Tokyo, Osaka, in Japan as well as Long Beach Oakland, and Seattle in the US.