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ELIZABETH, NJ-The Port Authority of New York and New Jersey hasapproved the bid by affiliates of Rreef Infrastructure to acquirethe sprawling, privately owned Maher Terminals container portcomplex here. As reported by GlobeSt.com, thedeal was initially announced in March, but required the PortAuthority's approval because the terminal complex is subject to along-term ground lease with the Authority.

The final sale price was not disclosed, and the deal alsoincludes a Maher Terminals complex at Canada's Port of PrinceRupert. The one number that was released is the $136 million thatRreef Infrastructure, part of Deutsche Bank's alternativeinvestments business, has agreed to pay out in the form ofimprovements to the complex. That includes at least $114 million incapital expenditures during the lease term, which has 23 years torun, and $22 million in cash to the Port Authority to fundadditional improvements.