APG, PGGM buy controlling stake in tank operator

A consortium involving APG and PGGM shelled out $277m for a chunk of LBC from infrastructure fund Challenger. The deal will close in the summer.

A consortium featuring Algemene Pensioen Groep (APG) and PGGM has paid $277.8 million for a 66 percent stake in LBC Terminals Jersey, the second largest tank storage operator in the world.

Seller Challenger Infrastructure Fund (CIF), a publicly listed infrastructure vehicle owned by multibillion dollar Sydney, Australia asset manager Challenger, said the deal should be completed by August.

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