John Laing sells IEP stake

Developer John Laing has agreed to sell its 30% share in the Intercity Express Programme (IEP) Phase 2 project.

The firm will sell its entire 30% interest in the rolling stock PPP to AIP Management for £421m, representing a considerable uplift on Joh Laing’s valuation of £333m as at 30 June 2020.

IEP Phase 2 is an operational PPP providing and maintaining a new fleet of rolling stock for use on the East Coast Mainline, following on from IEP Phase 1, which provides and maintains rolling stock for the West Coast Mainline.

The sale will take place in two stages, with a 15% sale due to take place “shortly”, before the second 15% stake will be divested “up to 12 months later at John Laing’s election”.

John Laing chief executive, Ben Loomes, said the prospects for future investment in infrastructure are “stronger than ever”.

He added: “I am confident that our greenfield investment capability and partner relationships mean that John Laing is ideally placed to capitalise on the opportunities that lie ahead of us.”