UK: A consortium of Dalmore Capital and Equitix Investment Management has signed agreements to acquire 3i Infrastructure’s one-third stake in Cross London Trains Holdco 2 Ltd. This was established by 3i, Innisfree and Siemens in 2011 to finance, own and maintain the fleet of 115 Desiro City Class 700 EMUs ordered by the Department for Transport for use on Thameslink services.
‘Assets like XLT with unique fleet characteristics, demonstrable benefits for network users and long term visibility on returns are very attractive to our investors’, said Dalmore Capital CEO Michael Ryan.
3i Infrastructure estimates the proceeds at approximately £333m. ‘XLT has proved a very good investment for the company, generating significant value for our shareholders’, said Chairman Richard Laing. ‘Having supported the project through design, manufacturing and delivery, we believe that now is an appropriate time for the company to realise its stake.’
The sale announced on February 5 is conditional on third-party consents. Cantor Fitzgerald acted as financial adviser and Clifford Chance as legal adviser.