Caisse de Depot et Placement du Quebec, Montreal, on Friday announced it would create a joint venture with global ports operator DP World that will invest C$5 billion ($3.7 billion) in ports and terminals around the world, including two in Canada.
DP World will hold a 55% share in the joint venture and Caisse, which manages C$254.9 billion in Quebec public pension and other assets, will hold the remainder, according to a joint news release from DP World and Caisse.
The joint venture will be seeded with two of DP World’s British Columbia container terminals, in Vancouver and Prince Rupert, with Caisse acquiring a 45% stake of the two terminals' assets for C$865 million.
The venture will focus on investment-grade countries, according to the release. Most of its investments will be in existing assets, but up to 25% will be invested in greenfield opportunities.
Canaccord Genuity was financial adviser to DP World, and BMO Capital Markets acted as financial adviser to Caisse.
Caisse had C$12.9 billion invested in infrastructure as of Dec. 31.