Deals

RREEF ups stake in Spanish gas plant

The infrastructure investor has acquired an additional 5% interest in a regasification plant in northern Spain, taking its total holding in the asset to 30%. The seller was Spanish oil and gas company Repsol.

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RREEF, a Deutsche Bank investment vehicle, has increased its stake in the Bahia de Bizkaia regasification plant in Bilbao, northern Spain, to 30 percent.

The acquisition was the result of former shareholder Repsol, the Spanish oil and gas group, selling its entire 25 percent stake in the plant to the asset’s other shareholders. These include Spanish natural-gas grid operator Enagas – which acquired 15 percent from Repsol for an enterprise value of €40 million – as well as RREEF and Ente Vasco de la Energia, each acquiring a 5 percent stake from Repsol.

Assuming RREEF bought the stake at the same price as Enagas, which disclosed the purchase price in a regulatory filing to the Spanish competition authority, the 5 percent stake it acquired from Repsol may have cost it just north of €13 million, including debt.

The Bahia de Bizkaia Gas plant turns liquefied natural gas (LNG) into gas and has a capacity of 300,000 cubic metres of LNG.