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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.

Under the terms of the sale, Maher management will stay in place for the port complex’s day-to-day operations. The Berkeley Heights-based Maher Terminals is a family-owned business that has operated the terminal complex for some 60 years. The complex will retain the Maher name, with M. Brian Maher remaining as chairman/CEO of the operation.

“As the environment changes in the port industry, Rreef provides us with increased ability to compete on a global level,” Maher says. “Their vision of growth and value creation will grow our existing terminal businesses and help us compete for additional capacity in the North American Market.”

“We are now prepared to implement a strategic growth plan which will help us compete globally,” says David Kerr, a managing director and portfolio manager with Rreef Infrastructure. “We believe Maher Terminals represents the best assets and management group in the industry.”

The sale also represents the third to occur in less than seven months involving assets within the Port Authority of NY/NJ’s jurisdiction. In February, AIG Global Investments Group bought a major interest in the Port Newark Container Terminal just to the north of here. And in May, the Ontario Teachers Pension Plan bought the Howland Hook Marine Terminal in Staten Island, NY from Orient Overseas International.

In the Maher Terminals deal, Rreef Infrastructure was advised by parent Deutsche Bank. Greenhill & Co. acted as financial advisor to Maher.

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