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Terminal News

Vopak to sell Algeciras, Amsterdam & Hamburg to First State Investments

Vopak to sell Algeciras, Amsterdam & Hamburg to First State Investments
Vopak has reached an agreement on the sale of its terminals in Algeciras, Amsterdam and Hamburg with First State Investments.

The total agreed transaction value of the terminals, with a combined capacity of 2.288 million m3, is €723 million. This divestment follows the strategic review of these terminals that was announced by Vopak in August 2018.

The transaction is expected to generate a net pre-tax cash inflow for Vopak of €670 million at completion in 2019. This transaction is accretive to the return on capital employed for Vopak and has an implied multiple of more than 10x EBITDA. Following the completion of this transaction, which is expected to complete in the second half of 2019, the use of the proceeds will be considered in line with the strategy and financial framework of the company.

Eelco Hoekstra, CEO of Vopak, says: 'In Europe, our main focus is to further strengthen our position in the major industrial clusters Rotterdam and Antwerp. Globally, we currently have more than two million m3 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.'

Marcus Avre, partner at First State Investments, says: 'The diversified portfolio of world-class oil product storage terminals provides an excellent fit with First State's long-term infrastructure investment philosophy. We look forward to working with the incumbent highly skilled management team and employees to continue to develop and grow the business.'



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