APM Terminals partners with Brookfield in New Jersey

Container terminal in Port Elizabeth will be equally owned by Brookfield and APM Terminals

Maersk-owned port operator APM Terminals has formed a joint venture company, APM Terminals Elizabeth, with Canadian asset managment firm Brookfield.

The business agreement means that the two companies will share the ownership of APM Terminals’ container facility in Port Elizabeth in New Jersey, US.

Brookfield was founded in 1899 and the CEO of APM Terminals, Kim Fejfer, said he was happy to team up with an experienced player in the market.

“We are entering into this partnership to strengthen our presence in the Port of New York and New Jersey," Fejfer said. "Brookfield is a leading real estate investor in this market and has a substantial presence in the port."

APM Terminals expects the joint venture to be officially approved in the next couple of months.