Manulife Joins Consortium Acquiring Montreal Gateway Terminals Partnership at Port of Montreal
TORONTO - Manulife together with four Quebec-based institutional investors acquired an equity interest in Montreal Gateway Terminals, which operates two of the three international container terminals at the Port of Montreal. The transaction closed on March 5th. The seller was Morgan Stanley Infrastructure Partners.
Led by Fiera Axium Infrastructure, the consortium of Quebec investors also includes Desjardins, via its insurance subsidiaries and its Pension Plan, Fonds de solidarite des Travailleurs du Quebec, and Industrial Alliance.
"Manulife is pleased to invest alongside such highly regarded, long-term oriented Quebec investors," said Warren A. Thomson, Senior Executive Vice President and Chief Investment Officer of Manulife and Chairman, Manulife Asset Management. "We are committed to investing in the province, due to our positive outlook for the Quebec economy."
"Given the terminals' critical role in the international container trade which continues to expand and the long life of this asset, the investment is an ideal addition to Manulife's infrastructure investment portfolio," he noted.
The Port of Montreal is the second largest shipping port in Canada. With very efficient rail links and its location on the Trans-Canada Highway network, Port of Montreal is strategically located to efficiently serve importers and exporters in regions including Quebec, Ontario and the Midwestern and Northeastern United States.