UK: Denmark-based energy and decarbonisation infrastructure investor AIP Management has signed an agreement to acquire an additional stake in Cross London Trains, which owns the Thameslnk fleet.
XLT was established in 2011 to finance, own and maintain the fleet of 115 Siemens Mobility Desiro City Class 700 electric multiple-units ordered by the Department for Transport for use on Thameslink services. It is currently owned by a joint venture of AIP, HICL and Dalmore (33·3%), Siemens (33·3%) and Innisfree (33·3%).
Completion of the acquisition announced by AIP on March 30 is expected during H1 2026, subject to customary third-party consents.
A ’well-performing asset’
AIP first invested in XLT in 2022, complementing its 2020 investment in a 30% stake in Agility Trains East which owns 65 Hitachi Class 800/801 trainsets used by LNER.
AIP said the Thameslink fleet is fully operational, bespoke to the route and has demonstrated a strong operational track record, and it benefits from a long-term lease structure providing an availability-based income stream along with a long-term maintenance agreement in place with Siemens Mobility.
‘XLT represents the type of resilient, core infrastructure asset we seek to invest in’, said AIP Partner Mads Lerche Holstein. ‘By increasing our ownership, we are further investing in a well-performing asset with long-term availability-based revenues and strong downside protection. Electrified rail transport plays an important role in reducing emissions in the transport sector, and we are pleased to continue supporting infrastructure that enables more sustainable mobility.’
