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Pension plan sells majority of interest in GCT

IFM Investors and British Columbia Investment Management Corp. buy pieces of Global Container Terminals from the Ontario Teachers’ Pension Plan.

    Ontario Teachers’ Pension Plan has sold a majority of its interest in GCT Global Container Terminals to two other investment groups, Australia’s IFM Investors and British Columbia Investment Management Corp (BCI).
    GCT operates four container terminals. Two are in the Port of Vancouver — GCT Vanterm in Vancouver and GCT
Deltaport in Delta, British Columbia. It also operates two terminals in the Port of New York and New Jersey — GCT New
York on Staten Island and GCT Bayonne in Bayonne, N.J. 
    Ontario Teachers’ will continue to hold 37.5 percent of GCT, with IFM acquiring 37.5 percent and BCI acquiring 25 percent.
    The sale price was not revealed and the companies said the deal is subject to customary and required regulatory approvals and consents.
    The Ontario Teachers’ Pension Plan acquired the terminals more than a decade ago. After the parent company of OOCL sold the four terminals to the Ontario Teachers’ in January 2007, the Hong Kong company said it had achieved a net profit after associated costs, taxes and fees amounting to $1.987 billion.

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Chris Dupin

Chris Dupin has written about trade and transportation and other business subjects for a variety of publications before joining American Shipper and Freightwaves.