iCON Infrastructure (iCON) has agreed to acquire a 100% interest in Service Terminal Rotterdam (STR) from LITASCO, the marketing and trading arm of Russian energy company LUKOIL, and Burando Maritime Services, a Netherlands-based shipping business.
The agreement follows two months of exclusive negotiations between the transacting parties, the London-based fund manager said in a statement. The deal is expected to close at the end of this month.
STR owns and operates a bunker fuel terminal, located in the Port of Rotterdam, with a storage capacity of 242,000 cubic metres across two tank parks and a total quay length of 450 metres.
LITASCO is the biggest customer of STR under a long-term exclusive contract which has been renewed in connection with the transaction. The company also offers board-to-board and lay-by services to a range of third-party customers.
The deal marks iCON's second in the European port sector, following its November 2013 investment in Verbrugge International, a Dutch owner and operator of port terminals. The company operates on an area of 277 hectares with 4.8 kilometres of quay and more than 1 million square metres of warehouses.
The firm is currently investing iCON Infrastructure Partners II, a €461.12 million vehicle that reached its final close in April 2013.
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