DP World announces on Dec. 2 that its selling 45 per cent of its shares in Fairview Terminal as well as its Vancouver terminal.

DP World sells 45 per cent of its shares in Fairview Terminal

Canada’s second-largest public pension fund has purchased a large stake in the Prince Rupert and Vancouver container terminals.

Canada’s second-largest public pension fund has purchased a large stake in the Prince Rupert and Vancouver container terminals.

DP World, the owner of Fairview Container Terminal, announced on Friday morning that they’ve sold a portion of their ownership in Fairview Terminal to Caisse de dépôt et placement du Québec (CDPQ). The partnership creates an investment platform totalling $5-billion, with DP World keeping 55 per cent of its shares and CDPQ taking 45 per cent.

Spokesperson for DP World, Angela Kirkham, said that DP World maintains full management control at both the Prince Rupert and Vancouver terminals.

“It will be business as usual for our employees and customers there,” she wrote in an email.

The partnership allows DP World the flexibility to invest in future growth opportunities at a low cost capital.

“DP World would have the majority equity stake in those investments and thus DP World would control the investment vehicle and consolidate the underlying assets on its balance sheet. In addition, DP World would be the terminal operator of those assets at usual management fee,” Kirkham said.

She added that there has been a strong growth in Prince Rupert and it continues to perform in line with their expectations.

“We remain excited about the long term growth potential of Prince Rupert. Expansion plans are continuing. We are adding 500,000 TEUs to Prince Rupert for 2017.”

CEO of DP World Sultan Ahmed Bin Sulayem said in the press release that the Quebec-based pension fund manager has a shared vision.

“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,” he said.

“The opportunity landscape in the port and terminal sector remains significant and this partnership offers us greater flexibility to capitalize on these opportunities while maintaining a strong balance sheet and retaining control.”

The CEO and president of CDPQ Michael Sabia said that this new investment platform created with DP World will give them a “unique access to high-quality transactions, and the opportunity to invest in the best port infrastructure worldwide.”

Just Posted

Remembering Rupert: A historical report on Prince Rupert during the Second World War

UPDATED: Only solider to die in Prince Rupert during WWII gets permanent memorial

Heart of Our City | The humble automotive mechanic next door

Frank Repole has been sponsoring Prince Rupert his whole career

Rainmakers rugby makes the trip to Kamloops for Sevens tournament

Competition is the largest of its kind in the country

Old Timers Tournament begins its third decade of action in Prince Rupert

Rupert teams take on visitors from Haida Gwaii, Kitimat, Terrace, Hazelton and Smithers

Freezing rain warning issued for central Interior Remembrance Day

Highway alerts in place for Begbie Summitt and Pine Pass

WATCH: Lax Kxeen Elementary students learn what it means to remember

Ceremony and cemetery trip help students learn about Rupert’s veterans for Remembrance Day

Terrace RCMP investigating suspicious death of a man in Thornhill

Kamloops resident was found unresponsive early Sunday morning, died hours later

Sportsnet fires Don Cherry after negative comments about immigrants

Don Cherry had said immigrants don’t wear poppies like other Canadians do

Trudeau’s new cabinet: Gender parity because it’s 2019? Or due to competence?

Prime Minister Justin Trudeau will soon appoint his new cabinet

Canada among three G20 countries least likely to hit emissions targets

It says Canada, South Korea and Australia are the farthest off

Conservatives’ Scheer wants Trudeau to open Parliament Nov. 25

That’s five days after Justin Trudeau is scheduled to swear in a new cabinet

Last remaining Centurion tank from the Korean War makes its journey ‘home’ to B.C.

Tank arrives in B.C. the day before Remembrance Day after a more than 4,500-kilometre transfer

‘Your vehicle burns a lot of fuel:’ Victoria drivers wake up to angry notes

‘This handbill was left on your vehicle because your vehicle burns a lot of fuel,’ notes read

Most Read