PA NY/NJ Approves Port Terminal Sale

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ELIZABETH, NJ-The Port Authority of New York and New Jersey has approved the bid by affiliates of Rreef Infrastructure to acquire the sprawling, privately owned Maher Terminals container port complex here. As reported by GlobeSt.com, the deal was initially announced in March, but required the Port Authority’s approval because the terminal complex is subject to a long-term ground lease with the Authority.

The final sale price was not disclosed, and the deal also includes a Maher Terminals complex at Canada’s Port of Prince Rupert. The one number that was released is the $136 million that Rreef Infrastructure, part of Deutsche Bank’s alternative investments business, has agreed to pay out in the form of improvements to the complex. That includes at least $114 million in capital expenditures during the lease term, which has 23 years to run, and $22 million in cash to the Port Authority to fund additional improvements.