CDPQ makes first Chilean investment in DP World ports

15 May 2019 - 12:00 am UTC

Canadian pension fund Caisse de dépôt et placement du Québec (CDPQ) has made its first investment in Chilean infrastructure by taking a 45% stake in a port terminal company. 

CDPQ has invested in Dubai Ports World Chile (DP World Chile), which operates terminals in Puerto Central and Puerto Lirquén, located in San Antonio and Gran Concepción respectively. 

In April 2019, DP World closed a USD 502m, 99.2% acquisition of Puertos y Logística (ex-POLOGSA, now DP World Chile) from the Matte family and via a tender offer process for the outstanding shares on the Chilean stock exchange. The deal also included the assumption of USD 226m in debt associated with the port company.

A source close to the deal said that CDPQ paid cash for its stake and did not recur to acquisition finance. 

The deal comes as part of a USD 3.7bn platform initiative signed by the Canadian and Emirati companies in 2017 that seeks to invest in global ports and terminals. DP World has 55% of the platform and CDPQ has 45%. 

The portfolio so far comprises terminals in Vancouver and Prince Rupert in Canada. This included its recent deal to acquire Fraser Surrey Docks from Macquarie Infrastructure Partners.

A second source with knowledge of the deal confirmed that Scotiabank represented DP World on the sale. 

 

Read more