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TORONTO (June 7, 2007): The Ontario Teachers’ Pension Plan (Teachers’) has completed its purchase of the New York Container Terminal on Staten Island, New York. The New York facility is the last of four marine container terminals to be purchased by Teachers’ from Hong Kong’s Orient Overseas (International) Ltd. for $2.4 billion US.
Earlier this year, Teachers’ completed its acquisition of Global Terminal and Container Systems, Inc., in Bayonne, New Jersey, and TSI Terminal Systems Inc.’s facilities in Delta and Vancouver, B.C. The purchase of the four terminals represents Teachers’ largest infrastructure investment, raising the fund’s investment in infrastructure and timberlands to $8 billion Cdn.
“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, Teachers’ Private Capital.
Container terminals link sea and land-based transportation. Each of the four facilities comprises a terminal within a port, where containers are loaded or unloaded onto ships, trucks and trains.
With $106 billion Cdn in net assets, the Ontario Teachers' Pension Plan is the largest single-profession pension plan in Canada. An independent organization, it invests the pension fund's assets and administers the pensions of 271,000 active and retired teachers in Ontario. Teachers’ infrastructure and timberlands group focuses on the acquisition and long-term retention of low-risk assets with return profiles that are strongly correlated to inflation, making them ideal for paying inflation-indexed pensions. The fund’s total investment in private equity, venture capital, infrastructure and timberlands is valued at $16 billion.
Contact:
Deborah Allan
Director, Communications and Media Relations
Ontario Teachers' Pension Plan
(416) 730-5347
deborah_allan@otpp.com |
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