DP World focuses on expansion with new AED13bn fund
DP World has announced the creation of an investment fund in partnership with Caisse de dépôt et placement du Québec (CDPQ), one of North America’s largest pension fund managers.
The investment platform totals US $3.7 billion, with DP World holding a 55% share and CDPQ the remaining 45%.
The platform marks a more global focus for UAE-based DP World, it will invest in ports and terminals globally, excluding the UAE, across the life cycle of the asset.
It will have a focus on investment grade countries, DP World said in a statement.
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 US $640 million.
“As a global trade enabler, DP World is proud to announce the partnership with CDPQ to invest in growth opportunities in port and terminal businesses around the world,” said Sultan Ahmed Bin Sulayem, group chairman and CEO, DP World.
“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,” he added.