DP World has completed the acquisition of Fraser Surrey Docks from Macquarie Infrastructure Partners (MIP) alongside its partner Caisse de dépôt et placement du Québec (CDPQ).
The acquisition complements DP World’s other Canadian terminals, which includes operations in Vancouver, Nanaimo, Prince Rupert and St. John’s.
The integrated coast-to-coast platform provides customers with bulk, breakbulk and cargo services.
Sultan Ahmed Bin Sulayem, group chairman and CEO of DP World, said: “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.”
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 1,200 m of berth, 189 acres of yard and is one of the region’s major steel import terminals.
It serves several container lines, having handled 350,000 teu in 2019, and moves approximately 1m tonnes of agriproducts annually.
DP World (Canada) Inc. general manager Maksim Mihic said: “DP World strives to create positive impacts for our people, our customers and the communities in which we operate.
“The addition of the Fraser Surrey Docks will create new jobs, and provide overall economic benefit to our community, the Province of British Columbia and to Canada as a whole.”
DP World operates three terminals on Canada’s west coast and it provides a key gateway between Asia and the Pacific North West.
The terminal operator partnered with CDPQ in 2016 in order to create a US$3.7bn platform to invest in ports and terminals worldwide.
Since then, partnership has leveraged DP World’s track record in the port sector and CDPQ’s in-house infrastructure expertise to grow a portfolio of 10 pots and terminals across the globe.
DP World holds 55% of the platform while CDPQ holds the remaining 45%.