AmericasPorts and Logistics
Pension fund buys stakes in two Canadian container terminals from DP World
Canadian pension fund manager CDPQ has bought a 45% stake in two Canadian container terminals from the Dubai-based port and terminal operator DP World.
CDPQ – the initialization of the French-language name Caisse de dépôt et placement du Québec – paid $655m for the stakes in terminals at Vancouver and Prince Rupert, both in British Columbia.
Last month DP World and CDPQ partnered to set up a $3.7bn investment platform to put money into port and terminal businesses with growth potential. DP World has a 55% share of the investment platform while CDPQ has the remaining 45%.