Ontario Teachers’ Pension Plan (“Ontario Teachers”), IFM Investors (“IFM”) and British Columbia Investment Management Corporation (“BCI”) have announced that they have entered into a transaction whereby IFM and BCI will each join as equity partners in GCT Global Container Terminals Inc. (“GCT”), a leading container terminal operator in North America. Ontario Teachers’ will continue to hold 37.5 per cent of GCT, with IFM acquiring a 37.5 per cent holding and BCI acquiring 25 per cent. The transaction is subject to customary and required regulatory approvals and consents.
Headquartered in Vancouver, GCT operates four Green Marine certified terminals in two principal North American ports. Through GCT USA on the East Coast, the company operates two award-winning facilities: GCT New York on Staten Island, NY and GCT Bayonne in Bayonne, NJ. On the West Coast, GCT Canada operates two gateway terminals: GCT Vanterm and GCT Deltaport in Vancouver and Delta, BC.
IFM Investors is a global institutional funds manager with US$81 billion under its management as of March 31, 2018. IFM was established more than 20 years ago and is owned by 27 Australian pension funds.
With $135.5 billion of managed net assets, British Columbia Investment Management (BCI) is one of Canada’s largest institutional investors within the global capital markets, based in Victoria, BC. BCI’s infrastructure program, valued at over $11 billion as at December 31, 2016, includes a portfolio of regulated companies in the energy generation, transmission/distribution, water and wastewater sectors, as well as transportation.
Ontario Teachers’ Pension Plan (Ontario Teachers’) is Canada’s largest single-profession pension plan, with $189.5 billion in net assets at December 31, 2017. It holds a diverse global portfolio of assets, approximately 80 per cent of which is managed in-house, and has earned an average annualized rate of return of 9.9 per cent since the plan’s founding in 1990. Ontario Teachers’ is an independent organization headquartered in Toronto.