(Bloomberg) --
DP World and Caisse de Depot et Placement du Quebec have agreed to invest an additional $4.5 billion in their global portfolio of port terminals.
The Dubai-based ports operator and Canadian pension fund manager announced the injection of the funds into their existing venture in a statement Thursday, confirming an earlier Bloomberg News report.
DP World and the Caisse agreed in 2016 to set up a platform for investing in ports around the world. An initial investment target of $3.7 billion has been hit, they said, with the portfolio holding ports across North America, Latin America and Asia Pacific.
The fresh capital will be used to develop existing locations and expand into new geographies, including Europe, as well as sectors such as logistics services, according to the statement. It will take the total amount committed to the venture, which is 55% owned by DP World, to $8.2 billion since inception.
“We will further diversify our geographic reach and look to seize new opportunities in a sector that, even during a uniquely challenging period, is driven by long-term fundamental trends,” said Emmanuel Jaclot, executive vice-president and head of infrastructure at the Caisse, in the statement.
DP World is one of the world’s largest operators of marine ports and inland cargo terminals, stretching from gateways in London and Antwerp to hubs in Africa, Russia, India and the Americas. The company has been on an acquisition spree in recent years, buying assets from P&O Ferries and P&O Ferrymasters in Europe to Puertos y Logistica in Chile.
In February, Dubai said it would take DP World private after a dozen years to alleviate its debt burden and avoid a repeat of the economic crisis that forced a bailout in 2009.
As a pensions investor, the Caisse is attracted to infrastructure assets that offer steady, long-term returns. The group managed assets of C$333 billion ($255 billion) as of the end of June. At present, investments outside Canada and the U.S. account for a third of its portfolio, according to its website.
(Updates with details from statement from second paragraph)
For more articles like this, please visit us at bloomberg.com
Subscribe now to stay ahead with the most trusted business news source.
©2020 Bloomberg L.P.
"port" - Google News
September 03, 2020 at 01:53PM
https://ift.tt/2Z1xVOl
DP World, Canada Fund Plan $4.5 Billion of Port Investments - Yahoo Finance
"port" - Google News
https://ift.tt/2VXul6u
https://ift.tt/2WmIhpL
No comments:
Post a Comment