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Hong Kong's Orient Overseas (International) Ltd has completed its US$2.4 billion sale of the New York Container Terminal on Staten Island to the Ontario Teachers' Pension Plan.
The New York facility is the last of four container terminals to be bought by the Canadian teachers pension fund from OOIL's Global Terminal and Container Systems of Bayonne, New Jersey and TSI Terminal Systems' in Delta and Vancouver, British Columbia, Canada.
The purchase of the four terminals represents the pension fund's largest infrastructure investment, raising its investment in infrastructure and timberlands to $7.5 billion.
"We're pleased to conclude this transaction. We are a long-term investor and we're committed to our plan to support the long-term development of the Staten Island facility," said Jim Leech, senior vice president of Teachers' Private Capital.
With $99.8 billion in net assets, the Ontario Teachers' Pension Plan is the largest single-professional pension plan in Canada. An independent organisation, it invests the pension fund's assets and administers the pensions of 271,000 active and retired teachers in Ontario.
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