Dubai’s DP World Acquires Canadian Terminal Fraser Surrey Docks

A great project is in the making with steady steps towards evolution and practical implementation.

DP World, one of the world’s largest port operators, said on May 9th, 2019 it has agreed to buy Canadian marine terminal Fraser Surrey Docks from a Macquarie Group fund.

Fraser Surrey Docks is located in Greater Vancouver and is one of the city’s major steel import terminals. The terminal has 1,200 meters of berth and 189 acres of yard and in 2018 handled over 1 million tons of grain and 250,000 twenty-foot equivalent shipping containers.

 The marine terminal is being acquired through Canadian subsidiary DP World Canada Investment Inc, which is 45 per cent owned by Caisse de dépot et placement du Québec (CDPQ). The purchase consideration is below 2.5 per cent of DP World’s net asset value as of December 31, 2018, the port operator said, which Reuters calculated to be under $300m.

The deal was expected to close in the first half of 2019, according to DP World. The terminal is being acquired from Macquarie Infrastructure Partners, a fund managed by the Macquarie Infrastructure and Real Assets (MIRA) division of Macquarie Group.

 “We are seeing increasing demand from our customers for multi-purpose facilities in the region,” said DP World chairman Sultan Ahmed Bin Sulayem.

Contributor: Hagar Mahamoud

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References: 

www.dpworld.ca
www.reuters.com
www.investegate.co.uk

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