APM Terminals said the sale of its terminal in Portsmouth, Va., has been concluded with a partnership comprised of affiliates of investment funds managed by Alinda Capital Partners and Universities Superannuation Scheme (USS).
The company will be renamed Virginia International Gateway.
When the deal was announced last month, Chistian Moller Laursen, chief financial officer, said the terminal was being sold "because we are a non-operating lessor of the
facility to the Commonwealth of Virginia for the next 16 years."
Commissioned in 2007 with the most modern automation at that time,
APM Terminals was unable to maximize use of the facility when the port's existing terminal operator, the Virginia Port Authority's affiliate, Virginia International Terminal, signed up most of the container carriers calling the port to long-term contracts.
APM Terminals eventually leased the facility to
the Virginia Port Authority, so the facility could tap into the broader market.
Alinda is a U.S.-based firm specializing in infrastructure investments both in the United States and abroad. USS is the largest private sector
pension fund in the United Kingdom and is a long-term investor.