The remaining 70% of LBC Terminals Jersey has been acquired from Challenger Infrastructure Fund and Challenger Life.
Advised by Access Capital Advisers, a consortium made up of Dutch pension fund asset managers APG Algemene Pensioen Groep, PGGM and Australian superannuation investors purchased the 70% stake for $297.5 million (€233 million).
The completion of this transaction follows the parties signing a binding sale and purchase agreement on 4 June and obtaining European Commission (Competition DG) clearance earlier this month.
Access has been managing the interests in LBC for its clients – Australian superannuation investors – since 2007 and will now manage the investment for all investors under an agreement with LBC.
‘At a time when there are significant risks on the global economic horizon, assets such as LBC that provide good returns through the economic cycle are a good fit for pension fund investors,’ says Graham Matthews, chief investment officer at Access Capital Advisors.
‘The acquisition valuation is equivalent to a multiple of 9.3 times the expected FY13 earnings for LBC,’ comments Stephen Burns, Access’ head of Europe.
Baker & McKenzie was the consortium’s legal adviser.