3i Infrastructure is selling its 71% stake in airport ground support equipment lessor TCR to Global Infrastructure Partners (GIP) for expected net proceeds of approximately €1.14bn.
The investment firm said the expected net proceeds from the sale of TCR represent a 22% uplift from its valuation at 30 September 2025 and a 50% uplift from the last valuation set before the beginning of the exit process on 31 March 2025.
3i said the proceeds from the sale will be used to pay down its revolving credit facility and fund further investment.
GIP, which is part of BlackRock, said that members of TCR’s management team will maintain an equity stake in the business.
TCR is the largest independent lessor of airport ground support equipment. The Brussels headquartered firm owns and manages a global fleet of airport ground support equipment, supporting aircraft operations across more than 200 airports worldwide.
Bernardo Sottomayor, managing partner and head of European Infrastructure, 3i Investments, investment manager of the company, said: “Since our investment in 2016, and despite the unprecedented COVID-related transportation crisis, we delivered resilient financial performance and achieved exceptional growth to transform TCR into a truly global platform.“
Sottomayor said the “robust premium achieved over the pre-sale valuation demonstrates the latent value potential in our portfolio”.
Michael McGhee, deputy chairman of Global Infrastructure Partners, said: “TCR combines mission-critical airport infrastructure with a highly scalable growth platform, led by an exceptional management team.
“We look forward to working closely with management to accelerate the company’s international expansion and further strengthen its position at the heart of the global aviation ecosystem.”
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