APM Terminals will sell a 76% stake in its Zeebrugge container terminal to COSCO SHIPPING Ports Limited, a subsidiary of China COSCO Shipping Corporation Limited, for €35 million (US$42 million).

According to APM, it has proposed to buy back a 25% share in the terminal from Shanghai International Port (Group) Co., Ltd., and will sell it together with its own 51% share to COSCO SHIPPING Ports.

“Our decision to divest Zeebrugge reflects our portfolio strategy to focus on long-term core assets,” said Wim Lagaay, head of the USA and Europe portfolio at APM Terminals. “We believe COSCO SHIPPING Ports is the right long-term owner of the Zeebrugge facility and will continue to grow the port for customers, employees and the Zeebrugge stakeholder community.”

The transaction is expected to close by the end of November 2017, making COSCO the sole owner of the facility.

The Zeebrugge terminal was launched in October 2006 and a 24% share was sold to COSCO SHIPPING Ports in 2014, according to APM.