APM Terminals and Brookfield Asset Management have announced the formation of a joint venture at APM Terminals' Port Elizabeth, New Jersey facility, subject to the Port Authority of New York/New Jersey and regulatory approvals which are targeted to be received in the next couple of months.
The current APM Terminals management team consisting of Brian Clark, Managing Director, and his Elizabeth management/supervisory team will continue to perform their roles on behalf of the joint venture. Clark will report to the joint venture's Board of Directors, which is comprised of APM Terminals and Brookfield representatives.
According to Kim Fejfer, 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."
APM Terminals Elizabeth Managing Director, Brian Clark, said:
"We're 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."
Boasting 350 acres, 15 ship-to-shore cranes, 6001 feet of wharf, including three deep-water berths and on-dock rail with 42,000 feet of working track, Port Elizabeth is APM Terminals largest terminal on the east coast of North America.