Teachers' closes New York Container Terminal Deal PDF Print E-mail
Thursday, 07 June 2007

TORONTO (June 7, 2007): The Ontario Teachers’ Pension Plan (Teachers’) has completed its purchase of the New York Container Terminal on Staten Island, New York. The New York facility is the last of four marine container terminals to be purchased by Teachers’ from Hong Kong’s Orient Overseas (International) Ltd. for $2.4 billion US.

Earlier this year, Teachers’ completed its acquisition of Global Terminal and Container Systems, Inc., in Bayonne, New Jersey, and TSI Terminal Systems Inc.’s facilities in Delta and Vancouver, B.C. The purchase of the four terminals represents Teachers’ largest infrastructure investment, raising the fund’s investment in infrastructure and timberlands to $8 billion Cdn.

“We’re pleased to conclude this transaction. We are a long-term investor and we’re committed to our plan to support the long-term development of the Staten Island facility,” said Jim Leech, Senior Vice-President, Teachers’ Private Capital.

Container terminals link sea and land-based transportation. Each of the four facilities comprises a terminal within a port, where containers are loaded or unloaded onto ships, trucks and trains.

Last Updated ( Thursday, 19 July 2007 )
 
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