Dubai's DP World creates $3.7 billion investment vehicle with Canada's Caisse de dépôt
DUBAI (Reuters) - Dubai ports operator DP World (DPW.DI: Quote) said on Monday it was partnering with Canadian pension fund manager Caisse de dépôt et placement du Québec to create an investment vehicle worth US$3.7 billion that would invest in ports and terminals worldwide.
DP World will hold a 55 percent share in the vehicle while Caisse de dépôt [CDPDA.UL], a long-term institutional investor that manages funds for public pension and insurance plans, will own 45 percent.
The platform will have "a focus on investment-grade countries" excluding the United Arab Emirates, and will invest mostly in existing assets but with up to 25 percent in greenfield opportunities, DP World said.
The vehicle will be seeded with two of DP World’s Canadian container terminals located on the Pacific coast in Vancouver and Prince Rupert, it added.
(Reporting by Hadeel Al Sayegh; Editing by Andrew Torchia)
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