German bank Deutsche Bank has agreed to sell Maher Terminals USA to the investment fund Macquarie Infrastructure Partners III (MIP III) that is a fund managed by Macquarie Infrastructure and Real Assets (MIRA).

The terms of the deal have not been disclosed and Deutsche Bank have said that the transaction will not have a material impact on its financials.

The Maher Terminals operation involves a 454 acre multi-user container terminal in Port Elizabeth, New Jersey. Currently this handles about 2 million TEUs of containers every year. This provides an important transport link between land and water for the US Northeast and East Coast.

Deutsche Bank bought the terminals in 2007 and has managed the transport link through the financial crisis and recovery.

Deutsche Bank non-core operations unit (NCOU) head Pius Sprenger said: “This sale marks another important step in Deutsche Bank’s commitment to the reduction of legacy assets.”

The deal is subject to regulatory approvals including from that of the Port Authority.

In April 2015, Deutsche Bank sold Maher Terminals’ Fairview container terminal in Prince Rupert, British Columbia, to DP World for C$580m ($457m).

With a capacity of 850,000 TEU (twenty-foot equivalent container units), Fairview terminal is said to be an efficient sea-rail link.

With the impending widening of the Panama Canal there has been a lot of interest in East Coast container terminals as they will be getting larger ships bound from Asia if properly prepared, and will be able to go into competition with the major West Coast container ports in LA and Lon Beach that have so far dominated the inbound Asian market. The port will be a good investment for the new buyer.