Vopak has announced that it has reached an agreement with Infracapital on the sale of its three chemical terminals in Rotterdam (Botlek, TTR and Chemiehaven) for a total purchase price of €407 million including a conditional deferred payment of €19.5 million. Total expected cash receipt net of transaction costs and net debt items at closing is around €368 million.
The combined operational capacity of the three terminals is 1.4 million cbm.
Infracapital, the infrastructure equity investment arm of M&G Plc, is a specialist European infrastructure investor with over 20 years of experience and a proven track record of owning infrastructure assets in the Netherlands.
The transaction is subject to works council consultation and customary closing conditions and is expected to close before year end.
Patrick van der Voort, Vopak business unit president Netherlands, says: ‘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. We would like to thank everyone involved for their trust and contribution to Vopak and will work together, with among others the works council towards a closing and smooth ownership transfer to Infracapital.’
Michiel Gilsing, member of the executive board and CFO of Vopak, says: ‘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 manage our portfolio towards infrastructure investments that support the long term cash flow profile and return ambitions of the company.’