Following a strategic review announced in August 2018, Royal Vopak is selling three of its European terminals.

The tank terminal operator has come to an agreement with First State Investments to sell the facilities in Algeciras, Spain; Amsterdam, the Netherlands, and Hamburg, Germany, for €723 million, of which €15 million is subject to certain revenue conditions.

The total combined operational capacity of the three terminals is nearly 2.3 million cubic meters and the transaction is expected to close in the second half of 2019.

Eelco Hoekstra, Vopak’s CEO, said the deal marks the next step in delivering the company’s strategy and aligning its portfolio based on long-term market developments. In Europe, he commented, the main focus is to further strengthen its position in the major industrial clusters Rotterdam and Antwerp.

Globally, Vopak currently has more than 2 million cubic meters under construction, and new projects still to be announced are planned to grow the portfolio with a focus on industrial, chemical and gas terminals and to maintain its strategic position in hub locations. 

First State Investments is the international investment arm of Colonial First State Global Asset Management, which is part of the Commonwealth Bank of Australia. Marcus Ayre, partner of First State Investments, said the terminals provide  an excellent fit with its long-term infrastructure investment philosophy.

Separately, Vopak has sold its terminal in Tallinn, Estonia. The company operated Vopak E.O.S. as a 50:50 joint venture with Global Ports Investments. Vopak E.O.S. also owns railway company ERS. The buyer is Abu Dhabi-based Liwathon, a commodities trading, logistics and investment business. The terminal, which has a storage capacity of just over 1 million cubic meters, will be renamed as Liwathon E.O.S.

Financial terms were not disclosed.