APM terminals and Brookfield Asset Management have announced the formation of a joint venture at APM Terminals’ Port Elizabeth.
The facility, located in New Jersey, will be equally split between Brookfield and APM Terminals.
The deal is currently subject to regulatory approvals from the Port Authority of New York/New Jersey in the next couple of months.
Managing Director of the Elizabeth Terminal, Brian Clark (top right) said they were excited about the new partnership: “We know Brookfield is an important player in our market, and we’ve had a chance to get to know their senior staff in connection with this transaction.
“They share our commitment to safety, customer service and efficiency. These will be our focus in the new JV structure, just as they are today”
The current APM Terminals management team will remain the same, with Clark as managing director and the rest of the managerial/supervisory team staying in place, but they will now be expected to report to a joint board of directors.Members of both APM and Brookfield will represent this board.
According to Kim Fejfer (bottom right), CEO of APM Terminals, “we are entering into this partnership to strengthen our presence in the Port of New York/New Jersey. Brookfield is a leading real estate investor in this market, and has a substantial presence in the Port – with its recent Port Authority partnership at the World Trade Center West Concourse.”
“Brookfield is also a leading global infrastructure investor, with significant infrastructure holdings in a number of countries in Latin America and Europe where we operate terminals and inland facilities.”
