The Dubai-headquartered terminal will hold a 55% stake in the platform, while Caisse de dépôt et placement du Québec (CDPQ) will hold 45%.
The investment platform will be initially seeded with DP World’s two Canadian terminals in Vancouver and Prince with CDPQ acquiring a 45% stake in the assets for a combined $640m.
The investment platform will have a total of $3.7bn and will mainly invest in existing terminals, globally excluding the UAE, with 25% invested in greenfield opportunities.
“In CDPQ we have found a partner with shared vision who is willing to participate in the risk and reward of investing throughout the life cycle of trade-enabling assets across the globe. The partial monetization of our Canadian assets further strengthens our balance sheet,” said Sultan Ahmed Bin Sulayem, group chairman and ceo of DP World.
“The opportunity landscape in the port and terminal sector remains significant and this partnership offers us greater flexibility to capitalise on these opportunities while maintaining a strong balance sheet and retaining control.”
Michael Sabia, president and ceo of CDPQ, commented: “Through this new investment platform with DP World, a world-class port and terminal operator, CDPQ will have unique access to high- quality transactions, and the opportunity to invest in the best port infrastructure worldwide. As a first step, we are pleased to announce two key investments in British Columbia.”
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