3i Infrastructure PLC Realisation of Oystercatcher's European terminals (7488M)
September 23 2021 - 2:59AM
UK Regulatory
TIDM3IN
RNS Number : 7488M
3i Infrastructure PLC
23 September 2021
3i Infrastructure plc agrees to sell Oystercatcher's four
European terminals
23 SEPTEMBER 2021
Further to the announcement dated 22 July 2021, 3i
Infrastructure plc ("3i Infrastructure" or the "Company") is
pleased to announce that it has now entered into an agreement to
sell its 45% stakes in four European liquid storage terminals to
Evos through its entity Evos Finance B.V., who will also acquire
the 55% stakes in the terminals held by co-shareholder Oiltanking
GmbH ("Oiltanking").
The four terminals are Oiltanking Amsterdam B.V., Oiltanking
Ghent N.V., Oiltanking Malta Limited and Oiltanking Terneuzen B.V.,
which collectively provide 3.8 million cubic metres of liquid
storage capacity and associated services to a diverse range of
customers .
Following completion of this transaction, 3i Infrastructure will
retain its 45% stake in Oiltanking Singapore Limited, alongside
Oiltanking's 55% stake.
The sale is conditional on certain third party consents.
Completion is expected to occur in Q4 2021. The proceeds from the
transaction will be used to repay debt and related break costs of
3i Infrastructure's holding company, Oystercatcher. The balance of
the proceeds will be distributed to 3i Infrastructure, which we
estimate will not exceed c.EUR50 million. The sale price achieved
implies an increase in 3i Infrastructure's NAV of c. EUR110 million
or c.10p per share, before any revision to the value of Oiltanking
Singapore Limited, and this increases Oystercatcher's unrealised
money multiple to 2.8x and unrealised IRR to 13.5% over the
Company's 14 year investment period.
During 3i Infrastructure's ownership, the terminals have
benefitted from strong, long-term demand for liquid storage
capacity and have achieved consistently high utilisation levels.
Our partnership with Oiltanking has seen the terminals invest to
upgrade and expand storage and jetty capacity and improve
environmental and safety performance, and thereby remain the
terminals of choice for their customers.
Richard Laing, Chair of 3i Infrastructure, commented:
"3i Infrastructure was a pioneer among infrastructure investors
into the liquids storage sector 14 years ago and Oystercatcher has
proven a good investment for the Company over that period. Now is
an appropriate time for the four European terminals to move to new
ownership, well-placed to support them into the future."
Phil White, Managing Partner and Head of Infrastructure, 3i
Investments plc, Investment Manager of the Company, added:
"Oystercatcher is another successful investment for the Company
and we have achieved a sale of the European terminals at an
attractive price. The management and staff of all four terminals
have been a pleasure to work with throughout the life of our
investment and we thank them for their commitment and excellent
performance over that time. We wish them every success under new
ownership."
-ENDS-
For further information, contact:
Thomas Fodor Tel: +44 207 975 3469
Investor enquiries Email: thomas.fodor@3i.com
Kathryn van der Kroft Tel: +44 20 7975 3021
Media enquiries Email: kathryn.vanderkroft@3i.com
Notes to editors:
3i Infrastructure plc
3i Infrastructure plc is a Jersey-incorporated, closed-ended
investment company, an approved UK Investment Trust, listed on the
London Stock Exchange and regulated by the Jersey Financial
Services Commission. It is a long-term investor in infrastructure
businesses and assets. Its market focus is on economic
infrastructure and greenfield projects in developed economies,
principally in Europe, investing in operating businesses and
projects which generate long-term yield and capital growth.
3i Investments plc, a wholly-owned subsidiary of 3i Group plc,
is authorised and regulated in the UK by the Financial Conduct
Authority and is the investment manager of 3i Infrastructure
plc.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCGRGDCBDDDGBX
(END) Dow Jones Newswires
September 23, 2021 03:59 ET (07:59 GMT)
3i Infrastructure (LSE:3IN)
Historical Stock Chart
From Jul 2024 to Jul 2024
3i Infrastructure (LSE:3IN)
Historical Stock Chart
From Jul 2023 to Jul 2024