Global investment firm KKR has agreed to sell its tank-storage businesses in Japan and South Korea to institutional investors, according to an announcement.
KKR-managed funds have entered into separate agreements to sell Central Tank Terminal Co. (CTT) in Japan and Central Terminal Korea Co. (CTK) in South Korea, KKR said. Financial terms were not disclosed.
CTT operates 12 tank-storage terminals across Japan’s key industrial regions, with more than 450 tanks and over 420,000 kilolitres of storage capacity.
CTK operates a tank-terminal complex in Ulsan, South Korea’s main chemical industrial hub, as well as grain-silo facilities in Ulsan and Pyeongtaek through its affiliate Taeyoung Grain Terminal.
The businesses provide storage, handling, and related services to customers in the chemical, energy, logistics, and agricultural sectors.
KKR acquired CTT in 2021 and expanded the platform into South Korea through its acquisition of CTK in 2023.
During its ownership, KKR said it supported expansion of terminal capacity, targeted bolt-on acquisitions in Japan, and improvements to management, commercial, and operational capabilities.
“We saw an opportunity to build on CTT’s leading national network and CTK’s strategic Ulsan position to scale critical chemical-storage and logistics infrastructure in high-barrier, demand-resilient markets,” Keith Kim, partner, infrastructure at KKR, said.
KKR did not identify the buyers or provide details of the institutional investors acquiring the businesses.
KKR said it has about $119 billion in infrastructure assets under management globally. It has been investing in Japan for two decades and manages more than $20 billion in assets in the country.
In South Korea, where it has operated since 2009, KKR said it has invested more than $9 billion across its strategies.
