HICL Infrastructure increases Thameslink rolling‑stock stake with £52m acquisition

(Sharecast News) - Infrastructure investment firm HICL has acquired an additional 6.65% stake in Cross London Trains for roughly £52m, taking its total interest in the rolling‑stock project to 13.13%.

HICL said on Monday that the price paid was expected to add at least 1p to net asset value per share on completion, which was expected to take place before the end of June and will be funded by proceeds from recent disposals.

The FTSE 250-listed firm said Cross London Trains owns a fleet of 115 Siemens Class 700 trains operating on the Thameslink route, one of Britain's "most important transport corridors", covering the North-South London commuter axis.

The trains were introduced in 2016 under a 20‑year availability‑based lease backed by the Secretary of State for Transport, after which ownership remains with shareholders. Long‑term maintenance remains the responsibility of Siemens under a direct contract with operator Govia Thameslink Railway.

Edward Hunt, head of Core Infrastructure Funds at investment manager InfraRed, said: "This transaction reflects InfraRed's ability to act nimbly and decisively as opportunities arise organically in the Company's portfolio, a proven source of value for HICL. By increasing the company's ownership and governance influence, we are well positioned to continue generating value from a resilient, high‑performing asset within a critical part of the UK's transport network."

As of 0830 BST, HICL shares were up 0.22% at 118.26p.

Reporting by Iain Gilbert at Sharecast.com

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