Dutch tank storage company Royal Vopak has completed the sale of its terminals in Amsterdam and Hamburg to First State Investments for €600m.

The divestment follows the company’s agreement with First State Investments on the sale in April.

The agreement also included the potential sale of its terminal in Algeciras.

The deal value includes a contingent consideration of €15m ($16.3m) dependent on certain revenue conditions.

Upon completion, a cash inflow of approximately €555m ($604m) for Vopak will be generated.

The decision to divest its terminals in Algeciras, Amsterdam and Hamburg after the company conducted a strategic review and tested its terminals’ market value.

Commenting on the sale of Algeciras terminal, the company said in a statement: “Vopak is currently in discussion with the current minority shareholder in this terminal, for the sale of our 80% share interest for the same purchase price and terms and conditions as agreed with First State Investments.”

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Vopak has plans to use the total sales proceeds to allocate capital to growth opportunities and create shareholder value.

The company’s 2017-19 strategy execution includes focus on commercial efforts and cost management. It will also direct its efforts towards new business development and portfolio management, as well as digital investment programme.

Last month, Vopak acquired 49% shareholding in Sociedad Portuaria el Cayao in Cartagena, Colombia. The company, which started operations in 2016, is claimed to be the only LNG import facility in the country.