Deutsche Bank has sold Maher Terminals USA, LLC, the 454-acre multi-user container terminal in Port Elizabeth, New Jersey.
The agreement has been reached with Macquarie Infrastructure Partners III (MIP III), a fund managed by Macquarie Infrastructure and Real Assets (MIRA), which is a leading infrastructure asset manager with growing portfolios in real estate, agriculture and energy.
“This sale marks another important step in Deutsche Bank’s commitment to the reduction of legacy assets,” said Pius Sprenger, Deutsche Bank’s Head of the NCOU.
Although the amount of the transaction is undisclosed, it is not expected to have a material impact on Deutsche Bank’s financials.
Under the transaction, MIP III has agreed to acquire 100% of Maher Terminals USA, LLC, subject to Port Authority and other regulatory approvals.
Maher Terminals in New Jersey currently moves more than 2 million twenty-foot-equivalent containers per year and provides a vital transport link between land and water for the global marketplace.
Since acquiring the asset in 2007, Deutsche Bank has managed this vital transport link through the financial crisis and recovery.
In 2015, Deutsche Bank sold Maher Terminals’ Canadian operations Fairview Container Terminal in Prince Rupert, British Columbia, to DP World.
Source: Port Strategy