Macquarie Infrastructure and Real Assets (MIRA) has sold a US natural gas storage business to NJR Midstream for $367.5m (€333.2m)

Announcing the deal, NJR Midstream said it has agreed to buy Leaf River Energy Center from Macquarie Infrastructure Partners, to supports NJR’s “long-term net financial earnings growth rate of 6 to 8%”.

Leaf River is located in southeastern Mississippi with connections to six interstate pipelines.

With the acquisition of Leaf River, NJR Midstream said it will now have ownership interests in natural gas storage facilities in the Gulf Coast and Marcellus shale regions.

Steve Westhoven, president and COO of New Jersey Resources, NJR’s parent, said: “By leveraging our market expertise, NJR Midstream is well-positioned with Leaf River to be a leading Gulf Coast service provider in one of the most significant and growing energy demand centres in the US.

“This transaction is another example of our commitment to pursuing and delivering long-term shareowner value by acquiring high-quality assets with organic growth potential.”

The deal, subject to certain contractual conditions, is expected to close this year.