DP World Acquires Multipurpose Deep-Sea Marine Terminal in Canada
- Business & Finance
Dubai-based port operator DP World has completed the acquisition of Fraser Surrey Docks, the largest multipurpose deep-sea marine terminal on the West Coast of North America.
DP World bought the facility from Macquarie Infrastructure Partners (MIP) alongside its partner Caisse de dépôt et placement du Québec (CDPQ).
As explained, the 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 offers bulk, breakbulk and general cargo services.
“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,” Sultan Ahmed Bin Sulayem, Group Chairman and CEO, DP World, commented.
“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,” Matt Leech, CEO and Managing Director, DP World Americas, said.
Fraser Surrey Docks was founded in the early 1960s and has become the largest 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 tonnes of agriproducts annually and serves several container lines, handling over 350,000 TEU in 2019.
In 2016, DP World partnered with CDPQ to create a USD 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%.