HICL Infrastructure has doubled its stake in Cross London Trains (XLT) to 13.13% with the acquisition of an additional stake for £52m (€59.9m).
The London-listed investment firm, managed by InfraRed Capital Partners, said it has acquired the 6.65% interest in XLT in a deal funded from the proceeds of recently completed disposals.
The XLT portfolio consists of 115 Siemens Desiro City Class 700 trains serving the Thameslink North-South London commuter network, connecting hubs such as St Pancras International, Gatwick Airport and Luton Airport.
Mike Bane, chair of HICL, said: “This investment demonstrates the board’s disciplined and balanced approach to capital deployment. Increasing our stake in XLT enhances HICL’s governance position in a high‑quality, operational asset and supports long‑term NAV per share growth. The transaction is also expected to deliver compelling NAV accretion and incremental income.”
Edward Hunt, head of core infrastructure funds at 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.”
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