The Ontario Teachers' Pension Plan, a large institutional investor with a $145 billion portfolio that includes infrastructure investments, is interested in buying Maher Terminals from Deutsche Bank, a top company official said.
The German bank's real estate fund recently put Maher on the sales block. Maher operates the largest terminal in the Port of New York and New Jersey, as well as the Prince Rupert intermodal container terminal on the West Coast of Canada.
Ontario Teachers' owns Global Terminals, which operates Global Terminal in Bayonne at the Port of New York and New Jersey, as well as the Vanterm and Deltaport container terminals at Port Metro Vancouver in Canada.
"We have an interest in those terminals for obvious reasons. They are in the same regions that we are," Andrew Claerhout, senior vice president for Ontario Teachers' said in an interview.
He did not directly say whether the fund had placed a bid for Maher.
Claerhout also said Ontario Teachers' to build up its port assets.
previously reported that selection of a buyer could be completed sometime next month, based on the length of typical deal transactions.
The Maher sales process comes as investment activity in the U.S. port sector heats up. Ports America, a large terminal operator and stevedore, on Wednesday said it acquired a 30-percent stake in "K" Line's U.S. terminal subsidiary, and APM Terminals has recently sold a 50-percent stake of its terminal at the Port of New York and New Jersey, as well as its facility in Portsmouth, Va., pending regulatory approvals.
(For more about this topic, read "Global Container Terminal 2.0"
in the August issue of American Shipper.)
A previous version of this article incorrectly stated that Ontario Teachers' manages a $12 billion portfolio. It actually has net assets worth $145 billion. Twelve billion dollars represents its infrastructure assets.