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Cruise port operator Global Ports said Nassau Cruise Port had signed a 25-year concession with the Government of the Bahamas for the Prince George Wharf and related areas, at Nassau cruise port.
Nassau Cruise Port is consortium comprising Global Ports, the Bahamas Investment Fund and the Yes Foundation.
Under the terms of the agreement, GPH as part of NCP, would manage the cruise port operations in Nassau. NCP would also invest up to $250m in expanding the capacity of the port as well as taking 'a number of innovative steps to transform the cruise port experience for both passengers and the local population,' the company said.
The transformation would include the building of a new terminal building, the creation of an event and entertainment area, investment into improving the current retail facilities and the design and construction of new food and beverage facilities. It would integrate the port into Bay Street and downtown Nassau, with the expectation that it would 'act as a catalyst for the wider redevelopment of downtown Nassau,' the company added.
'The construction phase is expected to start in the fourth quarter of 2019 and is anticipated to be completed within 24 months, once construction has been completed total revenues are expected to be in the range of $35-40m per annum,' Global Ports said.
At 9:03am: (LON:GPH) Global Ports Holding Plc share price was -1.5p at 297.5p