Macquarie invests $29m in Japanese logistics business
Macquarie Asia Infrastructure Fund (MAIF) has invested EUR26 million ($28.9 million) for a 40% interest in Japanese logistics company Nippon Vopak.
According to a statement, the transaction will entail five terminals in Japan with a combined operational capacity in excess of 200,000 cubic meters. The deal represents a strategic divestment for the vendor, Royal Vopak, a tank storage provider for the oil and chemical industry which is shedding its smaller terminal assets in response to changes in energy industry conditions.
Founded in 1966, Nippon offers warehousing and storage services for general goods as well as petrochemical products. The company's contribution of recoverable value to Royal Vopak during the 2015 financial year, however, resulted in a EUR8.5 million impairment for the parent company.
MAIF reached its hard cap of $2.3 billion earlier this year as part of a $3.1 billion Asia-focused investment platform of Macquarie's infrastructure division. This unit has been investing in Asia Pacific since 1994 and claims more than 50 infrastructure assets in the region.
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