Dubai’s DP World has created a $3.7bn investment vehicle in joint venture with Canada’s Caisse de Depot et Placement du Quebec (CDPQ).

DP World owns a 55 per cent stake while DDPQ, a major pension fund, owns the remainder.

DP World’s two Canadian assets will form the basis of the new investment vehicle. CDPQ will take a 45 per cent stake in the container terminals in Vancouver and Prince Rupert for $640m, subject to regulatory approvals.

Canadian Canaccord Genuity’s Dubai branch was the financial adviser for DP World and Canada’s BMO Capital Markets acted as financial adviser to CDPQ.

The platform will invest in ports and terminals in investment-grade countries excluding the UAE. It will invest across the lifecycle of the asset, focusing on existing assets. Up to 25 per cent of the funds will be invested in green field projects.

Through the platform, DP World will share new investment opportunities and CDPQ will have the option to co-invest.

“In CDPQ we have found a partner with shared vision who is willing to participate in the risk and reward of investing throughout the life-cycle of trade-enabling assets across the globe,” said Sultan Ahmed bin Sulayem, group chairman and CEO of DP World, in a press release.

“The partial monetisation of our Canadian assets further strengthens our balance sheet. The opportunity landscape in the port and terminal sector remains significant and this partnership offers us greater flexibility to capitalise on these opportunities while maintaining a strong balance sheet and retaining control. By combining our in-depth knowledge of container handling and CDPQ’s expertise in infrastructure investing and long-term horizon, we can continue to develop the port and terminal sector globally.”

DP World has explored investment in Taiwan, Kazakhstan, IndiaRussia and China in the past year, despite weak international trade volumes.

It has also undertaken new projects in Azerbaijan, Ecuador and another port in Canada.