The investment company Caisse de dépot et placement du Québec reportedly is a partner in the Canadian deal and also is taking a piece of DP World’s investments in Chile.
DP World is acquiring Fraser Surrey Docks, a multipurpose terminal on the Fraser River that is part of the Port of Vancouver.
Reuters reported last week that DP World Canada Investment Inc. has agreed to buy the terminal from a Macquarie Group fund. Macquarie recently sold terminals in Halifax and Philadelphia to PSA International, the Singapore government-owned terminal company.
Reuters said the terminal is being acquired through Canadian subsidiary DP World Canada Investment Inc., which is 45 percent owned by Caisse de dépot et placement du Québec (CBPQ), a company that manages funds primarily for public and parapublic pension and insurance plans.
The deal is expected to close in the first half of 2019, DP World told Reuters.
DP World also operates the Centerm container terminal in downtown Vancouver and the Fairview container terminal in Prince Rupert.
Also on Wednesday, CBPQ said it had acquired a 45% interest in DP World Chile, which operates terminals in Puerto Central and Puerto Lirquen. Located in San Antonio and Gran Concepción, the terminals serve Chile’s main consumption and industrial centers.
CDPQ said it partnered with DP World two years ago to create a $3.7 billion platform to invest in ports and terminals globally. DP World holds 55% of the platform and CDPQ holds the remaining 45%. The two new assets in Chile join a portfolio of ports, which also includes the terminals in Vancouver and Prince Rupert in Canada.
