Trencor's Textainer buys container portfolio
New York-listed Textainer Group Holdings‚ in which the JSE-listed Trencor has a 48.93% beneficiary interest‚ has acquired approximately 81‚000 TEU (twenty-foot equivalent units) of standard dry freight containers from its managed fleet for approximately US$98 million.
The acquisition increases the percentage of Textainer's owned fleet to 66%. Textainer is the world's largest lessor of marine containers.
"We have long stated that Textainer's strategy is to increase both our overall fleet and the portion which we own. This acquisition demonstrates our success in implementing this strategy‚" said Philip Brewer‚ Textainer president and chief executive.
"This is Textainer's second large managed container acquisition announcement in the past month‚ totalling more than $164 million‚ and evidences our ability to deploy our recently raised equity ahead of initial expectations. With these recent transactions‚ we expect that 2012 capital expenditures will be at record levels."