DP World, one of the world’s largest port operators, announced today (25 February) 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 is investing heavily across its Ports, Logistics & Maritime Services businesses, as earlier in February the global port operator announced the acquisition of a majority 51% stake in the TIS Container Terminal in the Port of Yuzhny, Ukraine.
Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, said: “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.”
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 1,200m of berth, 76.5 hectares of yard and is one of the region’s major steel import terminals. It moves approximately one million tonnes of agriproducts annually and serves several container lines, handling over 350,000TEU in 2019.
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 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.
