Deutsche Bank has reached an agreement with Macquarie Infrastructure Partners III, a fund managed by Macquarie Infrastructure and Real Assets (MIRA), to sell Maher Terminals USA, a 454-acre multi-user container terminal in Port Elizabeth, New Jersey.

Under the transaction, MIP III has agreed to acquire 100% of Maher Terminals USA. This is subject to Port Authority and other regulatory approvals. Terms of the transaction were not disclosed, but are not expected to have a material impact on Deutsche Bank’s financials.

Maher Terminals in New Jersey currently moves more than 2 million twenty-foot-equivalent containers per year and provides a vital transport link between land and water for the global marketplace. Since acquiring the asset in 2007, Deutsche Bank has managed this transport link through the financial crisis and recovery.

This is a legacy asset held within Deutsche Bank’s Non-Core Operations Unit (NCOU). In 2015, Deutsche Bank sold Maher Terminals’ Canadian operations Fairview Container Terminal in Prince Rupert, British Columbia, to DP World.

Pius Sprenger, Deutsche Bank’s Head of the NCOU, said:

“This sale marks another important step in Deutsche Bank’s commitment to the reduction of legacy assets."