Whitehelm Capital has agreed to acquire 90% of the shares in Vopak Terminal Eemshaven, a tank storage terminal in the Netherlands, on behalf of a group of pension funds.
The terminal is owned by a joint venture between tank storage company Vopak and an infrastructure fund managed by Dutch bank NIBC.
Vopak, listed on the Amsterdam Euronext stock exchange, will retain 10% of the shares and will continue to operate the terminal.
Vopak Terminal Eemshaven provides storage of liquid oil products, such as gasoil and gasoline. It has 11 tanks with a total storage capacity of 684,025 cubic metres, and has a deep-water jetty for seagoing vessels.
Whitehelm said it had a long history of investing in the tank storage sector.
Whitehelm Capital’s CIO Graham Matthews said: “Strategic storage plays a key role in the European energy infrastructure value chain and is an essential asset in the implementation of a resilient and sustainable long-term energy strategy.”
He added: “This is Whitehelm Capital’s third recent investment in mid-market energy infrastructure in continental Europe, following the acquisition of SAE, an energy from waste plant in Norway, and Storrun, an onshore wind farm in Sweden.
“While large trophy assets sold through competitive auctions are attracting very high prices, the mid-market continues to provide good investment opportunities for investors seeking stable returns from true infrastructure assets.”
Whitehelm Capital said there was long-term growth potential for Vopak Terminal Eemshaven, including opportunities to develop supporting infrastructure on its land bank in the northeast of the Netherlands.