The Port Authority of New York and New Jersey (NY-NJ) in the US has acquired a 98-acre waterfront terminal on the Port Jersey peninsula.
The NY-NJ Port Authority said the acquisition will lead to the expansion of the Global Container Terminal to 170 acres, which will assist in handling future cargo growth.
The expanded Global Container Terminal will be a part of the Port Jersey-Port Authority Marine Terminal facility under a 37-year lease agreement.
NY-NJ will also provide up to $150m for Global to develop and construct new container terminal space.
The Port Authority NY-NJ has also agreed to develop a rail facility, which could handle up to 250,000 containers annually.