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June 8, 2018 5:15 AM, EDT

Institutional Funds Invest in GCT Global Container Terminals

Trucks at Global Container Terminals in Jersey City, N.J. Trucks at Global Container Terminals in Jersey City, N.J. (Associated Press)

IFM Investors and British Columbia Investment Management Corp. became equity investors in GCT Global Container Terminals Inc., an operator of four North American container terminals. IFM acquired a 37.5% holding, and BCI acquired a 25% stake. The value of the investments was not released. The purchases are subject to regulatory approvals.

The Ontario Teachers’ Pension Plan already holds a 37.5% stake in GCT.

Vancouver, B.C.-based GCT operates its terminals in two ports. Through GCT USA, it operates GCT New York on Staten Island and GCT Bayonne in Jersey City, N.J. Its GCT Canada division operates GCT Vanterm in Vancouver and GCT Deltaport in Port Metro Vancouver.

IFM Investors is a global institutional fund manager with $81 billion under management. It is owned by 27 Australian pension funds. Victoria, B.C.-based BCI manages C$135.5 billion for its clients that includes public sector pension plans, public trusts and insurance funds. Toronto-based Ontario Teachers’ is Canada’s largest single-profession pension plan with C$189.5 billion in net assets.