30th Mar 2026 10:06
(Alliance News) - HICL Infrastructure PLC on Monday said it has increased its stake in Cross London Trains to just over 13% from 6.5% for around GBP52 million.
HICL Infrastructure is a London-based closed-ended infrastructure investment company managed by InfraRed Capital Partners Ltd.
HICL Infrastructure said the purchase of the extra 6.7% interest is expected to add in excess of 1.0p to net asset value per share on completion of the transaction.
The "expected return and yield make this transaction an appropriate deployment of capital in line with HICL's strategic priorities," the firm added.
The deal also strengthens the company's governance position with board representation at the portfolio company level, HICL added.
Cross London Trains, XLT, is a public-private partnership that owns a fleet of electric rolling stock operating on the Thameslink passenger rail route, which connects Bedford in the north to Brighton in the south, crossing London.
Back in 2022, HICL Infrastructure said it had bought a minority equity stake in XLT for an undisclosed amount.
Shares were down 0.3% to 117.69 pence each in London on Monday morning.
HICL Infrastructure said the new acquisition will be funded from the proceeds of recently completed disposals.
Last week, the company announced the sale of its 24% stake in the A63 motorway in France for GBP311 million.
Chair Mike Bane said the investment demonstrates a "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," he added.
Completion of the transaction is expected before the end of June.
By Jeremy Cutler, Alliance News reporter
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