Dutch pension fund asset managers APG Algemene Pensioen Groep and PGGM, as well as several Australian superannuation investors advised by Access Capital Advisers and Baker & McKenzie, will buy CIF’s 66.2% stake in the world’s second-largest operator of tank storage facilities for liquid bulk chemical products.

The sale implies an earning multiple of around 10 times LBC’s forecast earnings before interest, tax, depreciation and amortization for the financial year ended June 30, 2012 and CIF expects to reap gross profit of A$6.26 million from the sale.

“The price achieved reflects both the resilience of LBC’s existing operations as well as its future growth prospects,” CIF Chief Executive Emil Pahljina said in a statement. “Following the sale, CIF will have cash reserves of circa A$415 million.”

“LBC has proven to be a valuable long-term, core infrastructure asset that performed well during the Global Financial Crisis and global recession. It is precisely this type of stable infrastructure asset that suits long-term pension fund investors globally”, Access Chief Investment Officer Graham Matthews said in a statement.

“We consider an investment in LBC to offer strong risk-adjusted returns and it is a good fit with the long-term infrastructure investment objectives of our pension fund clients,” Access Head of Europe Stephen Burns said.

The sale is expected to be completed in late July or early August. It is subject to clearance by Europe’s antitrust regulator and, if required by Australia’s main exchange, the approval of its unit holders, CIF said.

Rothschild, which advised CIF on the sale of LBC, is engaged to complete a strategic review of the company, which includes its controlling stake in U.K. utility and infrastructure provider Inexus. Inexus reported earnings before interest, tax, depreciation and amortization of £23.3 million (US$35.9 million) in the first half of fiscal 2012.

CIF was trading 8.2% higher at A$1.19 a share in afternoon trade.