The Caisse de dépôt et placement du Québec and DP World have signed a US$1.2-billion deal to start the construction of an international container port and industrial logistics park in Indonesia.
Under the agreement with Indonesia’s Maspion Group, the Caisse and DP World said DP World Maspion East Java will become the sole operator of a modern international container port with design capacity of up to three million 20-foot equivalent units.
In a press release, Emmanuel Jaclot, executive vice-president and head of infrastructure at the Caisse, said this is the pension plan’s first infrastructure investment in Indonesia, which he described as a strong growth market that benefits from favourable structural trends. “It also represents an important milestone for our joint platform with DP World, with the addition of a first greenfield port to our portfolio of high-quality assets that have demonstrated their resilience over the past year, despite important shifts in the global supply-chain landscape.”
DP World and the Caisse will also work with Maspion Group to develop an integrated industrial and logistics park next to the container terminal. Groundbreaking on the container terminal in Gresik is expected to take place later this year and commercial operations are expected to begin in 2023. Since creating their joint venture four years ago, DP World and the Caisse have invested in 10 port terminals.
In a separate transaction, the Caisse and investment firm S2G Ventures are investing in Benson Hill, a food-technology company. The investment is the first in a three-year, $125-million co-investment partnership to advance climate solutions, according to a press release, which noted the Caisse and S2G investment was a portion of Benson Hill’s recent $150-million Series D funding round.
“As a company with deep technology expertise across the food and agriculture value chain, Benson Hill is well equipped to deliver more-sustainable options to consumers while helping reduce the agri-food industry’s carbon footprint,” said Mario Therrien, head of investment funds and external management at the Caisse, in the release. “We’re delighted to support its growth while delivering returns for our clients.”
In other investment news, the Ontario Teachers’ Pension Plan has jointly acquired a majority interest in packaging manufacturer TricorBraun, through a definitive stock purchase in partnership with the private equity division of investment firm Ares Management Corp.
TricorBraun’s management team will continue to lead the company and will also retain a significant investment, as will its former majority owner AEA Investors, according to a press release. Terms of the deal weren’t disclosed.
“TricorBraun has served as its customers’ trusted packaging partner for more than 100 years,” said Karen Frank, senior managing director of equities at the Ontario Teachers’, in the release. “We’re pleased to partner with Ares and AEA, as well as the strong management team to support TricorBraun’s next stage of growth and innovation.”
It’s the latest investment by the Ontario Teachers’ in packaging manufacturing. Earlier this week, the pension plan said it’s acquiring The Carlyle Group’s majority stake in Portugal-based Logoplaste.
And the Public Sector Pension Investment Board has completed the sale of its stake in Alpha Trains to the PGGM Infrastructure Fund, a Netherlands-based cooperative pension fund service provider.
“We’re proud to have contributed to and supported Alpha Trains’ growth over the last 12 years, including realizing its commitment to sustainability and clean transport, doubling the size of the fleet and expanding its operating footprint in existing and new geographies,” said Patrick Samson, senior managing director and global head of infrastructure investments at the PSP, in a press release. “Alpha Trains is a unique business with a solid foundation and strong leadership team, led by CEO Shaun Mills. We’re confident that, along with the new shareholder base, the company will continue to excel.”