Cargo Business Newswire

Tuesday, September 2, 2014

State of Virginia wants to buy former Hampton Roads APM terminal

Virginia wants to buy the former APM container terminal at Hampton Roads from its new owners, according to Virginia Secretary of Transportation Aubrey Layne Jr.

Layne confirmed Thursday that state officials will meet with Alinda Capital Partners Universities Superannuation Scheme Ltd. in coming weeks to discuss new lease arrangements in an effort to buy the terminal.

Gov. Terry McAuliffe said in an interview that Layne and Virginia Secretary of Commerce and Trade Maurice Jones had contacted Alinda Capital officials about working out a new lease agreement that might end up with state ownership of the container facility.

"This gives us an opportunity to better align their needs and ours," Layne said. "Alinda is a financial buyer as opposed to APM, who is an operator of ports and is in the business. Alinda is supported by pension plans. So, they're looking at a long-term return on their money."

The Virginia Port Authority currently owns Norfolk International Terminals, Newport News Marine Terminal and Portsmouth Marine Terminal, and runs them through its operating arm, Virginia International Terminals (VIT).

APM opened the $450 million, deep-water marine container terminal in 2007, and started leasing it to the Virginia Port Authority in 2010. VIT manages the APM facility.

For more of the Daily Press story: www.dailypress.com

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