Dutch tank storage company Royal Vopak has reached an agreement with First State Investments on the sale of its petroleum terminals in Algeciras, Amsterdam and Hamburg.
The transaction, worth EUR 723 million (USD 811.7 million), is subject to certain conditions and is expected to close in the second half year of 2019.
As informed, the divestment follows the strategic review of these terminals announced in 2018. The combined operational capacity of the three terminals is 2,288,000 cbm.
In line with its strategy, Vopak is shifting its portfolio further towards industrial, chemicals and LNG, LPG and chemical gases terminals with access to further growth opportunities.
“Today’s announcement is a next step in the delivery of our strategy and the alignment of our portfolio based on long term market developments. In Europe, our main focus is to further strengthen our position in the major industrial clusters Rotterdam and Antwerp,” Eelco Hoekstra, CEO Vopak, commented.
“Globally, we currently have more than 2 million cbm under construction and new projects will be announced to grow our portfolio with a focus on industrial, chemical, and gas terminals and to maintain our strategic position in hub locations.”
“We are delighted to have reached an agreement with Vopak on the acquisition of the terminals in Algeciras, Amsterdam and Hamburg. This diversified portfolio of … oil product storage terminals provides an excellent fit with First State’s long term infrastructure investment philosophy,” according to Marcus Ayre, Partner First State Investments, the international arm of Colonial First State Global Asset Management.
Apart from the three terminals, Vopak also conducted a strategic review of its terminal in Tallinn in 2018, subsequently deciding to dispose of the facility.
On April 3, 2019, Vopak and its partner Global Ports Investments revealed that they have divested their 100% effective share ownership in the 50/50 joint venture Vopak E.O.S. to Liwathon.
Vopak E.O.S. operates a total storage capacity of 1,026,000 cbm in the Port of Tallinn and includes the railway company E.R.S. Ltd., a wholly owned subsidiary of Vopak E.O.S.