London/Madrid, 17 May 2017
Macquarie European Infrastructure Fund 5 (MEIF5), which is managed by Macquarie Infrastructure and Real Assets (MIRA), announces that it has entered into binding agreements to acquire a 20 per cent stake in Compania Logistica de Hidrocarburos (CLH), owner and operator of the largest refined oil pipeline network and oil storage capacity in Spain.
CLH owns and operates approximately 92% of Spain’s refined products pipeline network (c. 4,020km in length) and 54% of Spain’s oil storage capacity (over 8 million cubic metres across 40 storage facilities). In addition to these core activities, CLH is also active in the UK (approximately 2,000km of pipeline and 1 million cubic metres of storage capacity across 16 facilities) and Ireland (fuel storage terminal at Dublin Airport)
“CLH is a quality infrastructure business in a growing economy, benefiting from resilient, well diversified, inflation linked and largely contracted revenues. We look forward to working with the co-shareholders, customers, management and employees of CLH to continue providing high quality services” said Martin Stanley, Global Head of Macquarie Infrastructure and Real Assets (MIRA).
MEIF5 is acquiring the 20% stake in CLH from AMP Capital (10%) and Oman Oil Company SAOC (10%).
Terms of the acquisition have not been disclosed.
Completion of the acquisition is expected by the end of June 2017.
*at 31 March 2017.