PGGM, ATP join sovereign wealth funds in €3.7bn car-lease deal

first_imgThe €186bn Dutch asset manager PGGM and the €110bn Danish statutory pension fund ATP have bought minority stakes in Dutch car-lease company LeasePlan.They made the investment as part of an international group, which purchased full ownership from Global Mobility Holding – jointly owned by Volkswagen Group and Germany-based Fleet Investments – in a €3.7bn transaction.The consortium included the sovereign wealth funds of Abu Dhabi (ADIA) and Singapore (GIC), as well as institutional investment funds managed by TDR Capital and Goldman Sachs’s Merchant Banking Division.PGGM spokesman Maurice Wilbrink said: “We consider LeasePlan as a very promising company with a solid growth strategy for added value.” PGGM, asset manager for the €166bn healthcare scheme PFZW, cited its participation as “a long-term investment with an attractive risk/return ratio”.It said it would supply one of the consortium’s additional two members on the supervisory board of the car-lease firm, and that the group would share its expertise with the company’s management.Wilbrink declined to provide details about PGGM’s stake or about expected returns.The €19.7bn company, however, reported a net profit of 14% over 2014.On behalf of the consortium, Eric-Jan Vink, head of PGGM’s private equity team, said: “We are investing in the future of a company with an unmatched portfolio of market-leading assets, highly knowledgeable and dedicated staff and a sound strategy under a highly experienced management.”According to LeasePlan, the group intended to finance the acquisition through an equity investment of approximately 50% of the purchase price, a mandatory convertible note of €480m and a cash-pay debt facility of €1.55bn.Founded in 1963, the company has become a global market leader, with operations in 32 countries and total fleet management of 1.4m vehicles.It employs 6,800 staff in total.The deal should be concluded by the end of this year, pending regulatory approval.last_img read more

NWSA to Order Four More Container Cranes

first_imgThe Northwest Seaport Alliance has approved a USD 52 million purchase of four more container cranes to join four others already on order for Husky Terminal in the South Harbor.Additionally, the alliance approved of an additional investment of USD 2.9 million in Seattle and Tacoma terminal improvements at Terminal 18 in the North Harbor and the West Hylebos Log Yard and Pierce County Terminal in the South Harbor.“As the alliance, we can invest holistically in our facilities to ensure they remain competitive in this fast-changing industry,” Dick Marzano, co-chair of The Northwest Seaport Alliance, said.“These improvements will help us serve our customers better and continue to create the trade-related jobs so vital to our state,” Marzano added.The new cranes, to be built by Shanghai Zhenhua Heavy Industry (ZPMC) in China, will be capable of serving ultra-large container vessels with an outreach of 24 containers and a lift height of 165 feet above the pier deck.Construction is underway at Husky Terminal to reconstruct Pier 4 to align it with Pier 3, creating a contiguous 2,960-foot berth. These improvements will allow two 18,000-TEU ships to dock at the same time.The reconstructed berth will also include conduit for future shore power to allow ships to plug into electricity while at dock.Construction and the first four cranes are estimated to be concluded in 2018, and the additional four cranes are scheduled to arrive in 2019.last_img read more