Dutch tank storage company Royal Vopak is selling its three chemical terminals in Rotterdam for €407m to Infracapital, the infrastructure equity investment arm of M&G.
Infracapital has agreed to buy the Botlek, TTR and Chemiehaven terminals for a price that includes a conditional deferred payment of €19.5m.
Vopak said the total expected cash receipt net of transaction costs and net debt items at closing is around €368m.
The sale of the 1.4mcbm terminals follows a strategic review announced back in February this year. At the time, Vopak said the outcome of the review may include divestment of the assets.
Michiel Gilsing, member of the executive board and CFO of Vopak: said: “The divestment of the three chemical terminals in Rotterdam is in line with our strategic goals to improve the financial performance of the portfolio, grow Vopak’s footprint in gas and industrial terminals and accelerate towards new energies.
“We remain committed to actively managing our portfolio towards infrastructure investments that support the long-term cash flow profile and return ambitions of the company.”
Patrick van der Voort, Netherlands business unit president at Vopak, said: “Although within Vopak we will surely miss our colleagues at the chemical terminals in Rotterdam, we are convinced that our customers and colleagues will be well served by partnering with Infracapital who is a long term and an experienced infrastructure investor.”
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