2003 Media Releases

DB Capital Partners, the private equity arm of Deutsche Asset Management, today announced a significant investment in Marstel Holdings Pty Ltd, owner and operator of bulk liquid storage facilities in New Zealand and Australia.

DB Capital Partners (on behalf of Australian superannuation funds) has contributed $7.5 million of equity funding which, together with an $11 million Victorian Government grant and a $28 million ANZ debt facility, will enable Marstel to commence construction of a new bulk liquid storage facility at Melbourne’s Coode Island.

Managing Director and Head of Infrastructure at DB Capital Partners, Felicity Gates, welcomed the opportunity to invest in the project.

“We recognise that this project is a vital piece of infrastructure for the Victorian chemical industry. Huntsman Chemical and Dow Chemical have committed to long-term storage service agreements with Marstel, which provides an attractive investment profile for our clients and will enable Marstel to pursue further growth opportunities at Coode Island and other major ports in Australia and New Zealand,” said Ms Gates.

According to Marstel’s co-founder and Managing Director, Graham Catley, “The achievement of financial close is a major milestone for Marstel and will enable the company to continue its expansion plans. Together with Leighton Contractors, who will be responsible for the design and construction of the tanks, we are committed to continue working closely with local communities and other stakeholders during this important phase.”

Marstel’s General Manager, Tim Gunning, said, “This project represents a significant upgrade in safety and environmental standards on Coode Island, and when complete, will provide a world class storage terminal for Melbourne.”

Deutsche Asset Management

The achievement of financial close is the culmination of over 12 months of complex negotiations involving Marstel, its financiers and a range of stakeholders including Huntsman, Dow, Leighton Contractors , Melbourne Ports Corporation, the Department of Innovation, Industry and Regional Development, various authorities and local community groups, all of whom have contributed significant resources to this important development.

Construction of the initial 26,000 cubic metre facility is scheduled for completion in April 2004.

For further information

Marstel Holdings Pty Ltd
Tim Gunning, General Manager
Tel: (03) 9931 1880

DB Capital Partners
Felicity Gates, Director, Head of Infrastructure
Tel: (02) 9249 9547
or
Ainsley Gee, Corporate Communications
Tel: (02) 9249 9904 / 0416 128 381

About DB Capital Partners

DB Capital Partners is the private equity arm of Deutsche Asset Management and is one of the largest managers of private equity funds in Australia, with more than A$1.4 billion in funds under management. Participating across the full spectrum of private equity investments, including infrastructure, venture capital, and development capital, DB Capital Partners’ investments have realised more than A$550 million to date. The team consists of 19 private equity professionals with more than 75 years collective experience.