I Squared Capital has agreed to acquire Philippines Coastal Storage & Pipeline Corp., the largest independent import terminal in the Philippines, and its affiliated entities from Keppel Infrastructure Trust, Singapore and Metro Pacific Investment Corp., Philippines via its ISQ Global Growth Market Fund.
Philippines Coastal is based in the Subic Bay Freeport Zone, serving the Luzon Economic Corridor (LEC), and has a capacity of 6.3 million barrels. The terminal houses more than 20 percent of the country’s import storage capacity, playing a vital role in ensuring the reliable entry of liquid fuel products into the country by serving the needs of major commodity providers and other strategic interests.
Since 1993, Philippines Coastal has operated the facility under a 50-year lease with Subic Bay Metropolitan Authority, with a discretionary option to extend the lease by another 15 years. Spread across nearly 160 hectares (395 acres), Philippines Coastal has 91 tanks