Dutch pension fund PFZW is selling its stake in Rotterdam-based LBC Tank Terminals, one of the world's largest chemical storage companies.

Its share was managed by its investment manager PGGM and was co-owned with APG and Ardian. All three are selling their stakes in LBC to the new owner, Mitsui O.S.K Lines. PGGM was responsible for the policy and strategy of LBC over the past 12 years.

“The focus was not only on profit and growth, but there was also a lot of attention on improving operations, safety, sustainability and customer satisfaction. Sustainability in particular contributed to a substantial increase in the company's value,” PFZW said.

“Besides storing products that contribute to the energy transition, the company is on track to make its own operations CO2-neutral by 2030 at the latest. In doing so, it will contribute positively to a good pension for our three million participants as well as to a liveable world.”

PFZW said the investment has shown that sustainability can contribute significantly to good returns.

The transaction will be completed in the coming months.

---