Financial details of the acquisition were not disclosed. GIC said the deal is expected to close in early 2020.
Kellas Midstream owns and operates key gas infrastructure in the UK and Southern North Sea. The firm was formed when Antin first acquired a 63 per cent stake in gas transportation and processing system Central Area Transmission Systems (CATS) from BG Group in 2014 for 562 million pounds ($724 million).
A year later, Antin increased its stake to 99 per cent by purchasing BP’s 36.22 per cent interest.
Kellas Midstream further expanded its business by acquiring 65 per cent of Esmond Transportation System, a subsea pipeline in the Southern North Sea, in 2017 from Premier Oil, Centrica, and Perenco.
It is also building the Humber Gathering System, which comprises a minimal facilities platform and gas export pipeline that will export gas from the Tolmount gas field to the Easington onshore gas terminal.
“GIC and the BlackRock team recognise the growth potential of the business we have built and share our strategy to continue to invest, grow and build our portfolio of midstream assets and serve all our customers in the North Sea,” said Kellas Midstream’s Managing Director Andy Hessell.
BlackRock will invest with GIC through its Global Energy & Power Infrastructure Funds (GEPIF) III.
The acquisition comes as a growing number of institutional investors are seeking exposure to energy and power investments, according to Mark Florian, group head of the Global Energy & Power Infrastructure Funds Team at BlackRock.
“This investment in Kellas Midstream reflects the focus of GEPIF III on making strong equity investments in mid-market energy and power infrastructure and partnering with outstanding management teams,” Florian said.
RBC Capital Markets acted as the lead financial adviser to BlackRock and GIC for the transaction.
GIC, Caleus acquire Hotel de Rome in Berlin
Hotel de Rome, located in Berlin-Mitte, the city’s central district, is a 5-star hotel under the Rocco Forte Brand. Built in 1889 as the headquarter of Dresdner Bank, the property was fully renovated into a hotel in 2006. It now features 108 rooms, 37 suites, a ballroom, and spa area with a 20-metre pool.
The hotel has been in the portfolio of Hausinvest, Commerz Real’s open-ended real estate fund, since 2007.
GIC is one of the biggest overseas private equity investors in Europe. According to a PitchBook report, GIC invested $14.13 billion in Europe in the second quarter of 2018, emerging as the largest foreign PE investor during that period, overtaking other PE giants including KKR & Co, Bain Capital, and Macquarie.