Ownership of APM Terminals Virginia transferred to Alinda/USS effective August 22, 2014, APM Terminals said in a release.
APM Terminals Virginia and a partnership comprising affiliates of investment funds managed by Alinda Capital Partners (Alinda) and Universities Superannuation Scheme Limited (USS) announced that all regulatory requirements and other conditions of their transaction have been satisfied.
The company will be re-named Virginia International Gateway.
According to Christian Moller Laursen, CFO of APM Terminals ownership of this terminal does not fit with the company’s global strategy and ambition to operate and develop ports.
“We have chosen to sell our Portsmouth terminal because we are a non-operating lessor of the facility to the Commonwealth of Virginia for the next 16 years. We are confident Alinda and USS are the right owners to maximize the business opportunities in the future and that they will be good partners for the Port Authority and Commonwealth.”
Alinda Capital Partners is a U.S.-based firm specializing in infrastructure investments in the United States and abroad. USS is the largest private sector pension fund in the United Kingdom and is a long-term investor with a global infrastructure portfolio.
APM Terminals Virginia is a deep-water marine container terminal commissioned in 2007 with the most modern automation at that time.
In 2010, APM Terminals leased the facility to the Virginia Port Authority to tap into VPA’s broader commercial volumes and business needs.
Press Release, August 24, 2014