APM Terminals has completed a deal to sell its state-of-the-art container terminal in Portsmouth, Virginia, to a consortium of investors.
The news of the sale follows a record quarter for APM, which reported an increased profit of US$223 million and a return on invested capital of 14.2%.
According to a statement from Morgan Lewis, the assets were sold to “a partnership of investment fund affiliates” managed by Alinda Capital Partners and Universities Superannuation Scheme Limited (USS).
While under APM's control, the Portsmouth container terminal was the largest privately-owned terminal in North America. The new owners of the terminal will continue to lease the facility to the Virginia Port Authority.
A company statement said: “Revenue increased 6%, representing the growth in volume and tariff increases in
port activities, partly offset by a decrease in Inland Services due to divestment of activities in North America and Asia.”
The deal was closed on August 22 for an undisclosed sum.