Dubai-based port operator DP World has signed an agreement to acquire Canadian marine terminal Fraser Surrey Docks from Macquarie Infrastructure Partners (MIP).

MIP is a fund managed by Macquarie Infrastructure and Real Assets (MIRA), a division of Macquarie Group.

The deal consideration is below 2.5% of DP World’s net asset value as of 31 December.

DP World said that the marine terminal will be acquired through its Canadian subsidiary, DP World Canada Investment, which is 45% owned by Caisse de dépot et placement du Québec (CDPQ).

DP World group chairman and CEO Sultan Ahmed Bin Sulayem said: “We are pleased to announce the acquisition of Fraser Surrey Docks, which complements our footprint in the West Coast of Canada.

“We are seeing increasing 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. We look forward to bringing DP World’s best-in-class terminal operations to Fraser Surrey Docks.”

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

Located in the Greater Vancouver area of British Columbia in Canada, Fraser Surrey Docks operates more than 1,200m of berth and 189 acres of yard.

It also manages around one million tonnes of grain and serves several container lines. It handled almost 250,000 twenty-foot equivalent units (TEU) last year.

The transaction is scheduled to be completed during the first half of this year.

DP World said that the acquisition of Fraser Surrey Docks complements its footprint in Canada and provides a platform to better serve its customers’ break-bulk and dry-bulk requirements.