HICL Infrastructure announced that it has agreed to acquire a minority equity position in Cross London Trains (XLT) from funds managed by Equitix Investment Management.
XLT is a Public Private Partnership that owns the recently delivered fleet of rolling stock operating on the Thameslink passenger-rail route, which covers the North-South London commuter rail corridor and serves both Luton and Gatwick airports. After completion of the transaction, XLT will represent approximately 3 percent of HICL's portfolio by value and will be HICL's third investment in the rail sector, after High Speed 1 and the Dutch High Speed Rail Link.
The fleet initially has been leased under a 20-year availability contract with a revenue underpin from the Secretary of State for Transport. The fleet of 115 Siemens Desiro City Class 700 trains was fully delivered in 2018 and has a strong operational track record. Long-term maintenance obligations are retained by the manufacturer, Siemens
