Macquarie Asset Management’s infrastructure fund has exercised its option to acquire an additional 9% stake in Diamond Infrastructure Solutions, bringing its total interest in Dow’s $6bn (€5.2bn) US Gulf Coast infrastructure assets to 49%.

In December last year, Macquarie, through its Macquarie Infrastructure Partners VI fund, said it was investing $2.4bn to buy an initial 40% stake in Dow’s US Gulf Coast infrastructure assets, forming Diamond Infrastructure Solutions.

At the time, diversified chemical company Dow said it expected to receive up to $3bn from Macquarie once the firm exercised its option to increase its holding to 49%.

Ben Way, global head of Macquarie Asset Management, said: “In the four months since the joint venture between Macquarie and Dow was established, Diamond has established itself as an independent company focused on delivering world class infrastructure services and has already attracted a number of new unaffiliated customers.

“We are thrilled to have the opportunity to increase our investment in Diamond as it grows its presence as the premier chemical park operator in North America.”

Diamond Infrastructure comprises non-product producing assets such as power and steam generation, pipelines, environmental operations and general site infrastructure.

Diamond Infrastructure assets are located at five of Dow’s US Gulf Coast manufacturing sites in Texas and Louisiana. The pipeline and storage assets span the Gulf Coast, connecting to key natural gas, natural gas liquids and olefin hubs.

The company acts as a specialist infrastructure provider to Dow and other industrial customers at its locations.

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