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$5bn ($3.76bn) 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 per cent 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 per cent stake for C$865m.

Cannacord Genuity, Dubai, served as financial adviser to DP World and BMO Capital Markets as financial adviser to CDPQ.