DP World, Caisse to create vehicle

NEW YORK: Dubai-based ports operator DP World Ltd said it had partnered with Caisse de depot et placement du Quebec, Canada's second-biggest public pension fund, to create a C$5 billion ($3.76 billion) investment vehicle.

The partnership will invest in ports and terminals, focusing on investment grade countries, the companies said on Friday.

DP World will have a 55 percent stake in the partnership, while Caisse will hold the rest, the companies said.

The partnership will initially include two of DP World's Canadian container terminals in British Columbia, of which Caisse will buy a 45 percent stake for C$865 million.