International Public Partnerships, the listed infrastructure investment company, has agreed to sell a minority part of its investment in Angel Trains to a vehicle managed by Arjun Infrastructure Partners.
The transaction, expected to complete in the coming weeks, will realise £32m in exchange for a 1.6% stake in Angel Trains, which is based in Derby and London.
International Public Partnerships will retain an 8.4% stake in Angel Trains, a rolling stock leasing company with an asset base of over 4,000 vehicles.
International Public Partnerships initially invested in Angel Trains in 2008 and has made follow-on investments in subsequent years.
The proceeds will support the company’s share buyback programme together with its future investment commitments, such as the recently announced £250m commitment to Sizewell C.
Mike Gerrard, chair of International Public Partnerships, said: “The Company remains focused on optimising its portfolio while supporting both capital returns and attractive reinvestment opportunities.
“This announcement reflects INPP’s strategy of delivering against its stated targets – demonstrated by the Company’s recent announcements, including the successful completion of its recent UK Education PPP transaction, realising £49 million, and selection as preferred bidder for Sizewell C.“
