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LONDON (Alliance News) - 3i Infrastructure PLC said Tuesday it has sold its 33.3% stake in Cross London Trains for about GBP333 million.
3i Infrastructure said the valuation of the stake in Cross London Trains - which buys and leases trains used on the Thameslink passenger franchise - stood at GBP271 million on September 30, suggesting a GBP62 million uplift.
The economic infrastructure and greenfield projects investor said its sold its stake to a consortium of Dalmore and Equitix funds.
3i Infrastructure said its net asset value is expected to increase to 229.3 pence per share, after paying an interim dividend, following the completion of the sale - which is expected before the investment company's financial year-end of March 31.
3i Infrastructure reported a NAV per share at September 30 was 226.4p.
"Cross London Trains has proved a very good investment for the company, generating significant value for our shareholders. Having supported the project through design, manufacturing and delivery, we believe that now is an appropriate time for the company to realise its stake," said Chair Richard Laing.
Shares in 3i Infrastructure were up 3.1% Tuesday at 274.85 pence each.
