Swiss Life Asset Managers is to acquire Lombard Odier Macquarie Infrastructure Fund (LMIF)’s 23.4% stake in Pisto SAS, it announced on Tuesday (30 January).
Macquarie Capital (financial) and Jones Day (legal) advised LMIF on the French oil storage deal, which is expected to reach financial close in March or April, Inframation understands.
This marks Macquarie-managed funds’ final exit from Pisto, having originally acquired the asset in 2008.
In February 2017, Macquarie’s Global Infrastructure Fund III sold its entire 27.9% in Pisto to Crédit Agricole Assurances, alongside a 12.17% stake sold by LMIF.
The remaining stakes have since been sold to Infra-Invest France, a vehicle of CNP Assurances (22.5%) in October 2017, and Sogécap, an insurance subsidiary of Société Générale (13.07%).
Managed by Macquarie Infrastructure and Real Assets (MIRA), LMIF has invested EUR 1bn of capital provided by clients of Lombard Odier Darier Hentsch, a Swiss private bank.
It has stakes in eastern European energy network owner EP Infrastructure, German oil and bulk-liquid storage asset Tanquid, US utility Cleco, Australian grid operator Endeavour Energy, and New Zealand care homes business Oceania Healthcare, as well as some listed positions.
Pisto is France’s largest independent oil storage and logistics operator, with two oil import export terminals and associated storage facilities at the Port of Le Havre. It also owns six oil storage and distribution depots in western France, including the Paris area. Pisto furthermore holds 38.5% of TRAPIL, which owns and operates refined products pipelines in France, distributing oil to airports and urban areas.
Swiss Life Asset Management advises three infrastructure funds; Swiss Life Funds (Lux) Global Opportunities I, Swiss Life Funds (Lux) Global Opportunities II and Swiss Life Funds (Lux) Global Opportunities Fund of Funds. As of December 2017, its direct infrastructure investment commitments had reached around EUR 2.3bn.
Swiss Life Funds (Lux) Global Opportunities II, which is targeting EUR 1.2bn, had raised around EUR 1bn by August 2017. Its five investments so far include Swiss Towers, Ascendi, a Portuguese toll road company, and Società Gasdotti Italia.