DP World Teams Up With Canadian Pension Fund
Dubai-based ports operator DP World said it had partnered with Caisse de depot et placement du Quebec, Canada's second-biggest public pension fund, to create a C$5 billion ($3.76 billion) investment vehicle.
The partnership will invest in ports and terminals globally (excluding the UAE) across the life cycle of the asset, with a focus on investment grade countries. It will also invest mostly in existing assets, but with up to 25 percent invested in greenfield opportunities.
DP World will have a 55 percent stake in the partnership, while Caisse will hold the rest, the companies said.
The partnership will initially include two of DP World's Canadian container terminals in British Columbia, of which Caisse will buy a 45 percent stake for C$865 million.