fbpx
Sunday, February 28th, 2021
Home » Terminals » DP World buys Canadian terminal Fraser Surrey Docks

DP World buys Canadian terminal Fraser Surrey Docks

PortandTerminal.com, May 9, 2019

DP World announced on Thursday it has agreed to buy Canadian marine terminal Fraser Surrey Docks from the Macquarie Group fund

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 marine terminal is being acquired through Canadian subsidiary DP World Canada Investment Inc, which is 45 percent owned by Caisse de dépot et placement du Québec (CDPQ).

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

Dubai government-controlled DP World also operates a container terminal in downtown Vancouver and another terminal in Prince Rupert.

Fraser Surrey Docks is located in greater Vancouver and is one of the city’s major steel import terminals, DP World said.

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

“We believe Fraser Surrey Docks has the relevant infrastructure and is in the right location to service this demand.”

The terminal has 1,200 meters of berth and 189 acres of yard and in 2018 handled over 1 million tonnes of grain and 250,000 twenty foot equivalent shipping containers.

DP World said last month it handled 0.6 percent less gross container volumes across its global portfolio in 2018 compared to the previous year.

Related articles

Macquarie buys Long Beach Container Terminal from OOCL for $1.78 billion

Singapore based PSA swoops in with winning bid for Halifax container terminal

Is Martin Stanley one of the most powerful people in maritime investment?

Copyright © 2019 PortandTerminal.com. All rights reserved. This material may not be published, broadcast, written or redistributed.

Check Also

Oil refinery seen through chain link fence

Texas oil refiners will take weeks to recover from freeze

REUTERS, FEBRUARY 20, 2021 (Reuters) – Texas oil refineries shut by cold-weather disruptions may take …

View of refinery seen through window

Philly refinery cleanup highlights toxic legacy of fossil fuels (VIDEO)

REUTERS, FEBRUARY 16, 2021 U.S. refinery cleanup of this size and scope has no known …