Deutsche Bank Disposing of Maher Terminals USA

Maher Terminals Germanys commercial and investment bank Deutsche Bank has reached an agreement with Macquarie Infrastructure Partners III (MIP III) on the sale of North Americas container terminal operator Maher Terminals USA. Under the deal, MIP III will acquire the entire stake in the 454-acre multi-user container terminal in Port Elizabeth, New Jersey. Deutsche Bank did not disclose the terms of the transaction, however, the sale is not expected to have a material impact on the bank’s financials. Maher Terminals in New Jersey, which was acquired by Deutsche Bank in 2007, currently moves more than 2 million TEUs per year. This is a legacy asset held within the Bank’s Non-Core Operations Unit (NCOU). This sale marks another important step in Deutsche Bank’s commitment to the reduction of legacy assets, said Pius Sprenger, Deutsche Bank’s Head of the NCOU. In 2015, Deutsche Bank sold Maher Terminals’ Canadian operations Fairview Container Terminal in Prince Rupert, British Columbia, to DP World for an amount of CAD 580 million (USD 457 million). At the time, Fairview, a purpose built terminal, had a capacity of 850,000 TEUs, which is expected to be expanded to 1.35 million TEUs by mid-2017. The expansion project would provide a second deep-water berth, four additional gantry cranes, and land reclamation to further expand the container yard.