APM Terminals Virginia and a partnership comprising affiliates of investment funds managed by Alinda Capital Partners and Universities Superannuation Scheme Limited (USS) announced on August 22nd that all regulatory requirements and other conditions of their transaction have been satisfied.
Ownership of APM Terminals 's state-of-the-art container terminal located in Portsmouth, Virginia was transferred to the Alinda - USS joint venture effective August 22, 2014. The company will be re-named Virginia International Gateway.
Morgan Lewis advised APM Terminals in the deal.
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.
Commissioned in 2007 with the most modern automation at that time, APM Terminals Virginia is a deep-water marine container terminal that employs remote controlled rail mounted gantry cranes that handle container yard operations in a safer, smarter, more eco-friendly manner. In 2010, APM Terminals leased the facility to the Virginia Port Authority to tap into VPA's broader commercial volumes and business needs.
The terminal, which APM described on its website as the largest privately owned terminal in North America, was commissioned in 2007 at a cost of $540 million. The port reported record container volume and a US$1.98 million operating profit in July, the first month of its current fiscal year.