INPP ups Aussie rolling stock share

Infrastructure investor INPP has increased its stake in an Australian rolling stock PPP.

The fund invested £88m through a corporate debt facility to bring its total interest in the Reliance Rail PPP Project to 33%, with investment manager APM Capital holding the remaining stake.

Under the operational availability-based project, which will generate a revenue stream until 2044, Transport for New South Wales partnered with special purpose vehicle Reliance Rail to design, finance, manufacture and maintain 626 suburban passenger train carriages for Sydney’s rail network.

The announcement marks INPP’s latest investment in the project, in which it held a minority interest since 2006 and at nominal value since 2012.

The fund added that the corporate debt facility is now either drawn or committed to £100m of identified opportunities, out of a total capacity of £400m.

INPP was recently chosen as the preferred bidder for the Dudgeon OFTO project in the UK.