Taiwan’s Evergreen Marine Corp. is pushing into US real estate with a $153 million investment in two Jersey City properties through its subsidiary companies, marking a shift from its traditional shipping focus.
The deal, orchestrated through Evergreen Asia, involves two joint venture firms acquiring properties from Evergreen America Corp. The transaction splits into payments of $42.2 million and $110.8 million for the respective sites, with plans for future development.
Evergreen Marine President Wu Kuang-hui cited the volatile nature of shipping markets as a key driver for diversification. He noted that real estate investments offer more stable returns, while Jersey City’s location and rental market dynamics make it an attractive investment target.
The company’s financial position supports this expansion, with impressive earnings through the first three quarters of 2023. Evergreen reported revenue of NT$347.76 billion ($11.2 billion), up 68% year-over-year, while net income surged 239% to NT$108.75 billion ($3.5 billion).
This property investment follows Evergreen’s recent moves to strengthen its global terminal network, including a new joint venture with PSA Singapore where Evergreen will hold a 49% stake.
