TORONTO—An investment arm of one of Canada’s large public-sector pension funds says it has agreed to buy a 24.15 per cent stake in Spain’s largest operator of oil storage facilities and pipelines.
Borealis Infrastructure—part of the OMERS pension system—is acquiring a 9.15 per cent stake in Compania Logistica de Hidrocarburos, or CLH, from Cepsa and a 15 per cent stake from Global Infrastructure Partners.
Financial terms of the two deals were not immediately available.
CLH, Borealis Infrastructure’s first investment in Spain, expands the pension fund manager’s European infrastructure portfolio which already includes investments in the United Kingdom, Germany, Sweden, Finland and the Czech Republic.
CLH has 40 storage facilities and 4,000 kilometres of pipelines in Spain. The company also has 16 storage facilities and more than 2,000 km of pipelines in the United Kingdom.