Background 

  • Built in 2005 and substantially expanded in 2012, Service Terminal Rotterdam (STR) is a state-of-the-art, independent bunker fuel storage terminal, strategically located in the Botlek area of the Port of Rotterdam, one of Europe’s largest and best connected fuel oil trading and bunkering hubs
  • STR has c.242,000 cbm of commercial tank storage capacity across 11 tanks, which can store any grade of fuel oil, marine gasoil and other bunker fuels
  • In 2015, STR was acquired by iCON Infrastructure II (iCON) from LITASCO and Burando
  • Following the successful extension of STR's financing in Q1 2020, DC Advisory (DC) organised a two-stage auction for the sale of the asset, launched in Q2 2020

Process

  • DC advised on the amendment and extension of STR’s existing debt facilities and on the subsequent sale of STR by iCON
  • As part of the transaction, DC led a number of workstreams, such as:
    • Process management and coordination of all parties
    • Managing the production of a full suite of DD reports, marketing materials and financial models
    • Transaction documentation and supporting negotiations with the lender and buyers
    • W&I insurance
  • The auction sale process attracted interest from a number of investors from diverse pools of liquidity, including potential buyers with pre-existing exposure to storage assets and others without significant experience in the sector

Outcome

  • DC ran a focussed process and ensured that all workstreams were completed successfully
  • STR’s capital structure has been optimised, with a long-term financing solution secured at competitive terms from their lender
  • On 13 October 2020 it was announced that funds managed by Amber Infrastructure and Access Capital Partners would acquire 100% of iCON’s share capital in STR