Infrastructure fund manager CVC DIF has sold its 25% interest in a pipeline providing jet fuel to Melbourne Airport.
CIF I, a fund that acquired the stake in Somerton Pipeline in 2017, has sold the investment to Channel Infrastructure NZ, New Zealand’s largest fuel import terminal.
CVC DIF said that Somerton Pipeline, which is operated by ExxonMobil, is an essential part of Australia’s second-busiest airport and has “delivered resilient cash flows” during its co-ownership.
Andrew Freeman, partner and head of divestments at CVC DIF, said: “The Somerton Pipeline exit showcases CVC DIF’s ability to deliver value from smaller investments while securing the right long-term owner. This critical asset supports Melbourne Airport’s jet-fuel supply, and we’re proud to have ensured its safe, efficient operation for future growth.”
The sale follows recent exits from Portuguese highway concessions Norte Litoral and Algarve, and Boluda Maritime Terminals, Mallorca Fire Station and TTI Algeciras earlier this year.
