International Public Partnerships (INPP) is selling part of its minority stake in UK rolling stock company Angel Trains to existing minority shareholder Arjun Infrastructure Partners.
The listed infrastructure investment company said it has agreed to sell a 1.6% interest in Angel Trains to Arjun Infrastructure Partners for £32m (€37m) and will retain an 8.4% stake following the deal.
Angel Trains is the UK’s largest rolling stock leasing company, with an asset base of over 4,000 vehicles.
INPP initially invested in Angel Trains in 2008 alongside Canadian pension investor Public Sector Pension Investment Board (PSP Investments). In July 2023, Arjun acquired a 10% interest in from the PSP Investments, left the Canadian pension investor with a 64.25% stake.
Once the transaction is complete, INPP said it will have raised over £345m since July 2023. The amount, which comes from sales across its energy, social, transport and digital infrastructure portfolios, represents 13% of its total portfolio value as of the end of 2024.
The company said it will use the funds to support its share buyback programme and to finance future investments, such as its recent £250m commitment to the Sizewell C nuclear project.
Mike Gerrard, chair of INPP, 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 £49m, and selection as preferred bidder for Sizewell C.”
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