HICL picks up rolling stock PPP share

HICL has acquired a minority share in Cross London Trains (XLT) rolling stock PPP from Equitix.

HICL has acquired a minority share in the Cross London Trains (XLT) PPP from Equitix.

XLT covers the operation of a fleet of 115 Siemens rolling stock trains on the ThamesLink system in London.

Delivered in 2018, the 20-year concession has an availability contract with a revenue underpin from the UK government.

"Cross London Trains is one of the largest rolling stock fleets in the UK,” said Edward Hunt, Head of Core Income Funds at HICL-owned InfraRed. “This investment further contributes to the delivery of HICL's vision to connect communities through investments in core infrastructure, while delivering long-term income to shareholders."

In 2019, 3i sold its 33% share in the fleet to Equitix and Dalmore for £333m.

This deal is expected to close in Q3 this year.