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Buss Global affiliate acquires 182 000 TEU fleet of containers from Magellan: containers to be managed by Textainer
TRENCOR LIMITED
(Incorporated in the Republic of South Africa)
(Registration No 1955/002869/06)
Share Code: TRE
ISIN: ZAE000007506
(“Trencor”)
BUSS GLOBAL AFFILIATE ACQUIRES 182 000 TEU FLEET OF INTERMODAL
CONTAINERS FROM MAGELLAN: CONTAINERS TO BE MANAGED BY
TEXTAINER
We draw attention to the following news release issued by Textainer Group Holdings
Limited, in which Trencor has a 48% beneficiary interest:
“Singapore & Hamilton, Bermuda - (Business Wire) - Aug. 1, 2017 - Buss Global, a
group focused on investments in intermodal containers, today announced that its affiliate,
Marine Container Management LP (“MCM”) has completed the acquisition of
approximately 182,000 TEU (twenty-foot equivalent units) of standard dry freight and
refrigerated containers from Magellan Maritime Services GmbH, which commenced
insolvency proceedings in Germany in September 2016. MCM has appointed Textainer
Group Holdings Limited (“Textainer”) (NYSE: TGH), one of the world’s largest lessors
of intermodal containers, as the manager of the acquired containers. Textainer has
managed intermodal containers for entities affiliated with Buss Global for over ten years.
Following Magellan’s insolvency, the administrator, Peter-Alexander Borchardt from the
Hamburg based law firm Reimer Rechtsanwälte, commenced a process to sell Magellan’s
shipping container assets and on June 1, 2017 MCM and the administrator entered into a
definitive agreement, subject to an affirmative vote of Magellan’s container investors. A
strong majority of the container investors voted for the sale and the transaction closed on
July 31, 2017. Textainer is working with the container lessees, depots and other parties to
ensure a smooth transition of the management of the containers.
Tom Chen, Director of MCM: “We are happy to have found a good opportunity to
expand the fleet of MCM bringing our total assets under management to 750,000 TEU
across Buss Global. We appreciate the strong support of our financing partners and
Textainer in completing this transaction in a timely, accommodative and efficient
manner. Given our long working relationship with Textainer, we are confident that the
portfolio will perform strongly under their management.”
“We are pleased that our Singapore colleagues were able to structure and fund the
successful bid for the Magellan assets,” said Dr. Dirk Baldeweg, Director of Buss Global
Holdings and CEO of Buss Capital, Hamburg. “The deal structure with an additional
profit sharing for the sellers makes this transaction a balanced win-win solution that ends
the state of uncertainty for the Magellan investors.”
Philip K. Brewer, President and Chief Executive Officer of Textainer added: “Textainer
has managed container assets for outside investors since our inception in 1979. We have
seamlessly transitioned and assumed the management of more container fleets than any
other container lessor. We are pleased that Buss Global again chose us as its partner for
this transaction. We have strong relationships with the lessees of the Magellan containers
and look forward to integrating these containers into our fleet of 3.1 million TEU.”
Textainer Group Holdings Limited
Hilliard C. Terry, III, +1-415-658-8214
Executive Vice President and Chief Financial Officer
ir@textainer.com”
Trencor Services (Pty) Ltd
Secretaries
1 August 2017
Sponsor
Rand Merchant Bank (A division of FirstRand Bank Limited)
www.trencor.net
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