HICL Infrastructure has doubled its stake in Cross London Trains (XLT) to 13.13% with the acquisition of an additional stake for 拢52m (鈧�59.9m).
The London-listed investment firm, managed by InfraRed Capital Partners, said it has acquired the 6.65% interest in XLT in a deal funded from the proceeds of recently completed disposals.
The XLT portfolio consists of 115 Siemens Desiro City Class 700 trains serving the Thameslink North-South London commuter network, connecting hubs such as St Pancras International, Gatwick Airport and Luton Airport.
Mike Bane, chair of HICL, said: 鈥淭his investment demonstrates the board鈥檚 disciplined and balanced approach to capital deployment. Increasing our stake in XLT enhances HICL鈥檚 governance position in a high鈥憅uality, operational asset and supports long鈥憈erm NAV per share growth. The transaction is also expected to deliver compelling NAV accretion and incremental income.鈥�
Edward Hunt, head of core infrastructure funds at InfraRed, said: 鈥淭his transaction reflects InfraRed鈥檚 ability to act nimbly and decisively as opportunities arise organically in the Company鈥檚 portfolio, a proven source of value for HICL.
鈥淏y increasing the company鈥檚 ownership and governance influence, we are well positioned to continue generating value from a resilient, high鈥憄erforming asset within a critical part of the UK鈥檚 transport network.鈥�
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