German tank farm operator TanQuid, a wholly owned subsidiary of Macquarie International Infrastructure Fund (MIIF), has agreed to buy eight oil and chemical tank storage facilities from Petroplus for 33 million. The deal is expected to be completed by the end of July 2006, subject to merger clearance.
The eight sites are located mainly in the key industrial region of the Ruhr-Rhine in western Germany. TanQuid is already the largest independent tank storage business in Germany. Following the acquisition, it will operate 18 oil and chemical storage sites in Germany and have a market share of 25%. The management team of the acquired sites will be integrated into TanQuid.
Gregory Osborne, Managing Director of MIIF's Manager, said: “Acquisitions such as this provide an excellent platform for growing dividend payments to our shareholders in the future. The sites generate stable and predictable revenues, a significant portion of which are backed by long-term, government contracts.”
MIIF is an infrastructure fund listed on the Singapore Stock Exchange. It was formed to own, operate and invest in a diversified group of infrastructure businesses around the world. MIIF is managed by a member of the Macquarie Bank Group.