REG - International PPL - Partial Disposal of Angel Trains

International Public PartnershipsAnnouncement

11/08/2025 09:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20250811:nRSK7832Ua&default-theme=true

RNS Number : 7832U  International Public Partnerships  11 August 2025

partIAL disposal of Angel Trains

11 August 2025

 

c.£32 million of proceeds raised from a partial disposal of INPP's Angel
Trains investment

International Public Partnerships Limited, the listed infrastructure
investment company ('INPP' or the 'Company'), is pleased to announce that it
has agreed to sell a minority part of its investment in Angel Trains to a
vehicle managed by Arjun Infrastructure Partners. The transaction is expected
to complete in the coming weeks and will realise c.£32 million in exchange
for a c.1.6% stake in Angel Trains, with the sale price being at an attractive
premium to the Company's last published valuation, as at 31 December 2024.

Following the partial disposal, INPP will retain a c.8.4% stake in Angel
Trains and access to board representation and active governance through its
Investment Adviser, Amber Infrastructure Group.

 

Overview of Angel Trains

Angel Trains is the UK's largest rolling stock leasing company ('ROSCO'), with
an asset base of over 4,000 vehicles. It has been a leading innovator of
investment in the UK's rail industry since 1994, supporting thousands of jobs
and a transition to a sustainable, more efficient UK rail system.

INPP initially invested in Angel Trains in 2008 and has since made follow-on
investments in subsequent years.

Disciplined approach to capital allocation

The Angel Trains divestment is made at an attractive premium to the last
published NAV and is consistent with the Company's disciplined approach to
capital allocation, guided by three key principles: (i) prudent use of its
Corporate Debt Facility; (ii) a targeted divestment programme to demonstrate
value and realise capital; and (iii) the strategic deployment of proceeds
towards expanding the share buyback programme or reinvesting, where the
long-term characteristics of a new investment are expected to outperform the
benefits available through share buybacks.

Once the transaction completes, INPP will have realised over £345 million of
proceeds since July 2023 across the energy transmission, social, transport and
digital infrastructure sectors, equivalent to c.13% of the portfolio, as at 31
December 2024. All realisations have either been in line with or at a premium
to the relevant published valuations.

 

Proceeds will support the Company's previously announced share buyback
programme, together with its future investment commitments such as the
recently announced c.£250 million commitment to Sizewell C i  (#_edn1) .

To date, c.£88 million has been used to buy the Company's shares under the
buyback programme, which was recently extended to up to £200 million in size.
Shares will continue to be bought under the programme whilst they trade at a
significant discount to their NAV.

Mike Gerrard, Chair of International Public Partnerships, commented: "The
Company remains focused on optimising its portfolio while supporting both
capital returns and attractive reinvestment opportunities. This announcement
reflects INPP's strategy of delivering against its stated targets -
demonstrated by the Company's recent announcements, including the successful
completion of its recent UK Education PPP transaction, realising £49 million,
and selection as preferred bidder for Sizewell C."

 

ENDS.

 

For further information:

 

Erica Sibree
                                    +44 (0)
7557 676 499

Amber Fund Management
Limited

 

Hugh Jonathan
                        +44 (0)20 7260 1263

Deutsche Numis

 

Mitch Barltrop / Jenny Boyd                       +44 (0) 7807 296
032 / (0) 7971 005 577

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 140 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, New Zealand 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 in
this capacity is responsible for investment origination, asset management and
fund management of the Company.

Amber is part of Boyd Watterson Global Asset Management Group LLC, a global
diversified infrastructure, real estate and fixed income business with over
$36 billion in assets under management and over 300 employees with offices in
eight US cities and presence in twelve countries (as at 31 December 2024).

 i  On 22 July 2025, INPP was announced as preferred bidder on Sizewell C.
INPP has committed a c.£250 million investment into Sizewell C and intends to
invest c.£50 million per annum over the next five years alongside the UK
Government, the Nuclear Liabilities Fund, La Caisse (previously CDPQ), EDF,
and Centrica to finance the landmark construction, development and 60-year
operations of a new nuclear plant capable of producing c.3.2GW of baseload
low-carbon electricity to meet 7% of the UK's forecast electricity needs.
Further information can be seen here:
https://www.internationalpublicpartnerships.com/media/press-releases/inpp-selected-as-preferred-bidder-on-sizewell-c/
(https://www.internationalpublicpartnerships.com/media/press-releases/inpp-selected-as-preferred-bidder-on-sizewell-c/)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  DISEAPPFFEKSEEA