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Vopak completes divestment of Algeciras oil terminal

Vopak completes divestment of Algeciras oil terminal
Photo courtesy of Vopak

Royal Vopak has completed the earlier announced divestment of its oil terminal in Algeciras to First State Investments. This divestment is the finalization of the sale of three terminals located in Amsterdam, The Netherlands; Hamburg, Germany; and, Algeciras, Spain, to First State Investments as previously announced.

On 5 April 2019, following a strategic review of holdings, the Dutch company announced the sale of its terminals in Algeciras, Amsterdam and Hamburg.

The company reached an agreement with First State Investments for the three terminals that have a combined operational capacity of 2,288,000 cbm. The transaction is valued at EUR 723 million (USD811.3 million).

The divestment supports a long-term strategic alignment of the company’s portfolio, which focuses on strengthening the company’s position in the major industrial clusters of Rotterdam, The Netherlands, and Antwerp, Belgium. Royal Vopak currently has more than 2 million cbm under construction.

First State Investments is the international investment unit of Colonial First State Global Asset Management. Marcus Ayre, partner, First State Investments confirmed that the acquisition of the portfolio of world-class oil product storage terminals provides an “excellent fit with First State’s long term infrastructure investment philosophy”.

On 12 February 2020, Vopak will publish its 2019 full-year results, including the financial results of the divestment, which are in line with previous announcements made last year.