TORONTO, June 7 /CNW/ - 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'
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.
For more information, please visit www.otpp.com.
For further information:
For further information: Deborah Allan, Director, Communications and
Media Relations, Ontario Teachers' Pension Plan, (416) 730-5347,