Cargo Business Newswire

Tuesday, April 19, 2016

Deutsche Bank to sell Maher Terminals to Macquarie

Deutsche Bank is selling its container terminal in Port Elizabeth, New Jersey to a Macquarie Infrastructure Partners III, a fund managed by Macquarie Infrastructure and Real Assets, as it continues to shed legacy assets.

Deutsche Bank acquired the 454-acre Maher Terminals USA in 2007 from the Maher family for roughly $2.3 billion, the bank said Thursday in a statement. Maher Terminals at Port Elizabeth currently handles more than 2 million TEUS per year.

Under the transaction, MIP III has agreed to acquire 100 percent of Maher Terminals USA, LLC. This is subject to Port Authority and other regulatory

approvals. Terms of the transaction were not disclosed, but are not expected to have a material impact on Deutsche Bank's financials.

In 2015, Deutsche Bank sold Maher Terminals' Canadian operations Fairview Container Terminal in Prince Rupert, BC, to DP World.

"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.

For more of the Street Insider story: www.streetinsider.com