Leading independent infrastructure manager Whitehelm Capital has agreed to acquire 90% of the shares in Vopak Terminal Eemshaven on behalf of a group of pension funds. Vopak Terminal Eemshaven is a joint venture terminal in The Netherlands between Vopak, the world’s leading independent tank storage company, and NIBC European Infrastructure Fund I C.V. Vopak will retain 10% of the shares.
Vopak Terminal Eemshaven provides services for the storage of strategic reserves of liquid oil products, such as gasoil and gasoline. The terminal comprises 11 tanks with a total storage capacity of 684,025 cubic meters, and has a deep-water jetty for seagoing vessels. This financial ownership transaction will not have any impact on the terminal operations or name of the terminal. Vopak will continue to manage and operate the terminal in accordance with its global standards.
The investment in Vopak Terminal Eemshaven is consistent with Whitehelm’s approach of investing in high quality tank storage assets that benefit from strong contractual protections with a quality off-taker and exceptional operational performance. Whitehelm has a long history of investing in the tank storage sector, contributing to its development into an attractive asset for institutional investors.
Whitehelm Capital’s Chief Investment Officer, 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. We are delighted to partner with Vopak, one of the best-in-class operators in the tank storage market, and look forward to continuing to execute attractive investments in the sector.”
“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 sees long-term growth potential for Vopak Terminal Eemshaven, with opportunities to develop on its land bank additional infrastructure to support economic activity in the northeast part of the Netherlands.
Whitehelm Capital was advised by ING and Allen & Overy.