Caisse de dépôt et placement du Québec (CDPQ) has acquired a 45 percent stake in DP World Chile, which operates terminals in Puerto Central and Puerto Lirquen, serving Chilean consumption and industrial centres.
CDPQ invested through its $5 billion investment platform with Dubai port operator DP World, established in 2016.
CDPQ said its acquisition will be executed at the same price as DP World’s April purchase of Puertos y Logística SA (now DP World Chile) for US$502 million.
Earlier this month, the CDPQ-DP World platform agreed to acquire Vancouver-based marine terminal Fraser Surrey Docks from Macquarie Group, reportedly for under US$300 million.
CDPQ and DP World expand their investment platform
MONTRÉAL, MAY 15, 2019
Caisse de dépôt et placement du Québec (CDPQ), a long term institutional investor, through its investment platform with DP World, announced the acquisition of a 45% interest in DP World Chile, which operates terminals in Puerto Central and Puerto Lirquen. Located in San Antonio and Gran Concepción, the terminals serve Chile’s main consumption and industrial centres. The transaction will be executed at the same price as DP World’s acquisition of the asset in April 2019.
Two years ago, CDPQ partnered with DP World to create a US$3.7-billion platform to invest in ports and terminals globally. DP World holds 55% of the platform and CDPQ holds the remaining 45%. The two new assets in Chile join a portfolio of ports, which includes terminals in Vancouver and Prince Rupert in Canada, that are already owned by the platform.
“This is our first infrastructure acquisition in Chile and our first Latin American ports. It marks an important step in the growth of our platform with DP World and aligns well with its geographic diversification objective,” stated Emmanuel Jaclot, Executive Vice-President and Head of Infrastructure at CDPQ. “We are delighted to continue working alongside DP World, a strategic partner for CDPQ that has a long track record in the port business and provides us with access to high-quality investment opportunities.”
In April 2019, DP World acquired 99.2% of the issued share capital of Puertos y Logística S.A. (“DP World Chile”) via a tender offer process. The DP World group’s investment in DP World Chile now forms part of its platform with CDPQ and therefore CDPQ indirectly holds 44.64% of DP World Chile.
ABOUT CAISSE DE DÉPÔT ET PLACEMENT DU QUÉBEC
Caisse de dépôt et placement du Québec (CDPQ) is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. As at December 31, 2018, it held CA309.5 billion in net assets. As one of Canada’s leading institutional fund managers, CDPQ invests globally in major financial markets, private equity, infrastructure, real estate and private debt. For more information, visit cdpq.com, follow us on Twitter @LaCDPQ or consult our Facebook or LinkedIn pages.
ABOUT DP WORLD
DP World is a leading enabler of global trade and an integral part of the supply chain.
We operate multiple yet related businesses – from marine and inland terminals, maritime services, logistics and ancillary services, to technology-driven trade solutions.
Our portfolio of 78 operating marine and inland terminals is supported by more than 50 related businesses in over 40 countries across six continents, with a significant presence in both high-growth and mature markets. We aim to be essential to the bright future of global trade, ensuring that everything we do contributes positively and sustainably to both the economy and society.
Our dedicated team of more than 46,000 employees from 120 countries cultivates long-standing relationships with governments, shipping lines, importers and exporters, communities, and many other important constituents of the global supply chain, providing quality value-added services today and tomorrow.
Container handling is the company’s core business and generates more than 50% of its revenue. In 2018, DP World handled 71.4 million TEU (twenty-foot equivalent units) across our portfolio. With its committed pipeline of developments and expansions, the current gross capacity of 91.2 million TEU is expected to rise in line with market demand.
By thinking ahead, foreseeing change and innovating, DP World aims to create the most productive, efficient and safe trade solutions globally.
For more information
+1 514 847-5493