International Public Partnerships Further Investment in Angel Trains (6732K)
03 Septiembre 2021 - 2:08AM
UK Regulatory
TIDMINPP
RNS Number : 6732K
International Public Partnerships
03 September 2021
Further investment in Angel Trains
3 September 2021
International Public Partnerships Limited (the 'Company',
'INPP'), the listed infrastructure investment company, announces
that as part of a consortium including the Public Sector Pension
Investment Board of Canada and other investors, it has agreed to
acquire a further c.5% shareholding in Angel Trains ('Angel') from
AMP Capital and associated investors.
The acquisition, leveraging INPP's existing shareholding
position, will increase the Company's shareholding and provide it
with further governance rights through direct board representation.
The current valuation of the Angel business is in excess of that
implied by INPP's 30 June 2021 carrying value and following
completion of the transaction, which is expected to occur later in
September 2021 with an investment commitment of c.GBP98 million,
the Company's investment in Angel will be the third largest holding
in its portfolio.
Since making its original acquisition in 2008, Angel has been a
successful investment for INPP, delivering both capital growth and
strong yield. Angel is the largest rolling stock company in the UK,
serving the passenger rail sector with a diversified fleet of
c.4,300 vehicles, the majority of which are electric multiple
units. Angel's business plan fully supports the decarbonisation of
the UK transport system. Over its life, Angel has invested over
GBP5 billion in rolling stock.
Angel's current investment programme includes elements designed
to enhance the capabilities of its fleets by developing solutions
that incorporate the latest technology.
In addition to Angel's ESG credentials, key investment features
include:
-- A core infrastructure asset, supporting and benefiting the
long-term trends towards modal shift and transportation net zero
targets
-- A large, diversified asset base supporting adaptability to market conditions and requirements
-- Experienced management team with strong track record of
delivering high quality rolling stock and ancillary services to the
UK railway sector
-- Enhanced governance rights with board representation and voting rights.
Mike Gerrard, Chair, International Public Partnerships said, "We
are delighted to have been able to increase our position in Angel
Trains. As the UK seeks to deliver its 2050 net zero commitments,
in conjunction with our co-shareholders, we welcome the opportunity
to further develop this strategically important transportation
investment."
ENDS.
For further information:
Erica Sibree/Amy Edwards +44 (0)20 7939 0558/0587
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039
FTI Consulting
About International Public Partnerships:
INPP is a listed infrastructure investment company that invests
in global public infrastructure projects and businesses, which
meets societal and environmental needs, both now, and into the
future.
INPP is a responsible, long-term investor in over 130
infrastructure projects and businesses. The portfolio consists of
utility and transmission, transport, education, health, justice and
digital infrastructure projects and businesses, in the UK, Europe,
Australia and North America. INPP seeks to provide its shareholders
with both a long-term yield and capital growth.
Amber Infrastructure Group ('Amber') is the Investment Adviser
to INPP and consists of 150 staff who are responsible for the
management of, advice on and origination of infrastructure
investments.
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END
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