GLOBAL - A consortium including Dutch asset managers, APG and PGGM, and Australian superannuation investors, has acquired a 66.2% stake in LCP, a Belgian company providing bulk liquid storage solutions, from Challenger Infrastructure Fund (CIF).

According to CIF - the Australian publicly listed global diversified vehicle - the consortium bought the interest in LCP for a total of $277.8m (€222.2m).

CIF chief executive, Emil Pahljina, said the price achieved reflected both the resilience of LBC's existing operations as well as its future growth prospects.

In a statement, CIF said the board of investors believed that the sale of LBC is in the best interests of unit holders and noted the consideration CIF would receive for LBC relative to the current unit price.

"Given the current economic climate in Europe," CIF added,"there is no certainty that any further transactions will be entered into or recommended by the board."

Additionally, CIF said it has entered into an Australian and US dollar foreign exchange hedge to fix the Australian dollar value of the sales proceeds on the expected completion date.

Completion of the sale is expected to take place in late July or early August 2012.

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