Caisse de dépôt et placement du Québec and Dubai’s DP World have acquired Vancouver British Columbia-based Fraser Surrey Docks, a marine terminal. The seller was Macquarie Infrastructure Partners. No financial terms were disclosed.
VANCOUVER, BRITISH COLUMBIA, FEBRUARY 24, 2020
DP World adds largest multi-purpose deep-sea marine terminal on the West Coast of North America to its portfolio
DP World and CDPQ’s global investment platform continues its strategic growth
DP World, the leading enabler of global trade, and one of the world’s largest port operators, announced today it has completed the acquisition of Fraser Surrey Docks from Macquarie Infrastructure Partners (MIP) alongside its partner Caisse de dépôt et placement du Québec (CDPQ).
This acquisition complements DP World’s footprint in Canada, which also includes terminal operations in Vancouver, Nanaimo, Prince Rupert and Saint John. The integrated coast-to-coast platform provides customers with bulk, breakbulk and general cargo services.
DP World’s global strategy is to become a trade enabler and solutions provider as the company looks to participate across a wider part of the supply chain. DP World has invested significantly across its Ports, Logistics & Maritime Services businesses. The aim is to connect directly with customers to offer logistics solutions and remove inefficiencies in the supply chain to accelerate trade.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “The acquisition of Fraser Surrey Docks bolsters our footprint in the west coast of Canada. DP World has been seeing growing demand from our customers for multi-purpose facilities in the region and we believe Fraser Surrey Docks has the relevant infrastructure and is in the right location to service this demand. We are confident that our innovative approach will bring DP World’s best-in-class terminal operations to Fraser Surrey Docks.”
Matt Leech, CEO and Managing Director, DP World Americas, said: “This new addition to DP World’s portfolio provides unique prospects for additional growth in the dynamic Canadian business environment. We look forward to helping Fraser Surrey reach its full potential and generating greater value over the long-term for DP World and its customers.”
Fraser Surrey Docks was founded in the early 1960s and has become the largest modern and multi-purpose terminal on the West Coast of North America. It operates more than 1,200 metres of berth, 189 acres of yard and is one of the region’s major steel import terminals. It moves approximately one million tons of agriproducts annually and serves several container lines, handling over 350,000 TEU in 2019.
DP World (Canada) Inc. General Manager, Maksim Mihic, noted: “DP World strives to create positive impacts for our people, our customers and the communities in which we operate. The addition of the Fraser Surrey Docks will create new jobs, and provide overall economic benefit to our community, the Province of British Columbia and to Canada as a whole.”
DP World has been a significant investor in Canada. As the operator of three terminals on Canada’s West Coast, the company provides a key gateway between Asia and the Pacific North West and looks forward to Fraser Surrey becoming the leading stevedore and general cargo operator in Canada.
A new acquisition as part of DP World’s global partnership with CDPQ
In 2016, DP World partnered with CDPQ to create a US$3.7-billion platform to invest in ports and terminals worldwide with DP World holding 55% of the platform and CDPQ holding the remaining 45%. Since then, the partnership has leveraged DP World’s strong track record in the port sector and CDPQ’s in-house infrastructure expertise to grow a high-quality portfolio of 10 ports and terminals across the globe, including locations in Canada, Chile, the Dominican Republic and Australia.
ABOUT DP WORLD
We are the leading provider of smart logistics solutions, enabling the flow of trade across the globe. Our comprehensive range of products and services covers every link of the integrated supply chain – from maritime and inland terminals to marine services and industrial parks as well as technology-driven customer solutions.
We deliver these services through an interconnected global network of 127 business units in 51 countries across six continents, with a significant presence both in high-growth and mature markets. Wherever we operate, we integrate sustainability and responsible corporate citizenship into our activities, striving for a positive contribution to the economies and communities where we live and work.
Our dedicated, diverse and professional team of more than 56,000 employees from 134 countries are committed to delivering unrivalled value to our customers and partners. We do this by focusing on mutually beneficial relationships – with governments, shippers, traders, and other stakeholders along the global supply chain – relationships built on a foundation of mutual trust and enduring partnership.
We think ahead, anticipate change and deploy industry-leading technology to create the smartest, most efficient and innovative trade solutions, while ensuring a positive and sustainable impact on economies, societies and our planet.