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

The transaction, under which MIP III has agreed to acquire 100 percent of Maher Terminals USA, LLC, is subject to Port Authority and other regulatory approvals. Terms of the transaction were not disclosed.

Maher Terminals in New Jersey currently moves more than two-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 vital transport link through the financial crisis and recovery.

Maher Terminals is a legacy asset held within the 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.

“This sale marks another important step in Deutsche Bank’s commitment to the reduction of legacy assets,” said Pius Sprenger, Deutsche Bank’s Head of the NCOU.

Macquarie Infrastructure and Real Assets (MIRA) is a leading infrastructure asset manager with growing portfolios in real estate, agriculture, and energy. MIRA is part of Macquarie Group, a financial services provider founded in 1969 and listed on the Australian Stock Exchange, which operates in 28 countries and has a total of $370 billion in assets under management.