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DP World in $3.7bn tie-up with Quebec pension fund

DP World has formed an investment vehicle with Caisse de depot et placement du Quebec (CDPQ), one of North America’s largest pension fund managers. The investment platform totals $3.7bn, with DP World holding a 55% share and CDPQ the remaining 45%.

The platform 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% invested in greenfield opportunities.

The investment vehicle will be seeded with two of DP World’s Canadian container terminals, located on the Pacific Coast in Vancouver and Prince Rupert, with CDPQ acquiring a 45% stake of the combined assets for $640m.

Canadian pension firms have a history of investing in container port assets, notably a decade back when Hong Kong’s OOCL containerline sold off a swathe of port assets to pension funds based in Ontario.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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