Rolling Stock Procurement by Angel Trains
5 September 2014
Angel Trains agreement to procure and lease new passenger rolling stock for Stagecoach South West Trains
International Public Partnerships Limited ('INPP') notes the announcement by Angel Trains Limited, of its successful bid to provide 150 new, high quality passenger carriages to Stagecoach South West Trains Limited ('SSWT') with a value of approximately £240 million.
INPP owns a 4.8% investment in Angel Trains which is one of Britain's leading train owning companies, leasing rolling stock to all 19 franchised operators in the UK. The new Desiro City will be manufactured by Siemens and is a second generation Electric Multiple Unit commuter train designed to carry more passengers and to have a significantly reduced whole life, whole system cost, meaning each unit costs less to maintain, uses less power and causes less damage to infrastructure.
The total value of the new trains is in excess of £220 million of which INPP's pro rata share would be expected to be approximately £11 million. Details of the financing arrangements have not yet been made available by Angel Trains but the new trains are likely to be financed by Angel through a mix of debt and equity investment in proportions to be determined. INPP expects the acquisition to be accretive to its projected returns from its existing investment in Angel. Angel Trains continues to be active in pursuing other rolling stock infrastructure opportunities.
For further information:
Erica Sibree +44 (0)20 7939 0558
Amber Fund Management Limited
Nick Westlake/Hugh Jonathan +44 (0)20 7260 1345/1263
Numis Securities
Ed Berry/Mitch Barltrop +44 (0) 20 3727 1046/1039
FTI Consulting
Notes to Editors:
About International Public Partnerships (INPP):
International Public Partnerships (INPP) is a listed infrastructure investment company which invests in global public infrastructure projects developed under the public private partnerships (PPP), private finance initiative (PFI), regulated asset and other similar procurement methods.
Listed in 2006, INPP is a long-term investor in 115 social and transport infrastructure projects, including schools, hospitals, courts, police headquarters, transport and utility and transmission projects in the U.K., Europe, Australia and Canada. INPP seeks to provide its shareholders with both a long-term yield and capital growth through investment across both construction and operational phases of 25-40 year concessions.
Amber Infrastructure Group (Amber) is the Investment Advisor to INPP and consists over 70 dedicated staff who manage, advise on and originate projects for INPP.
Visit the INPP website at www.internationalpublicpartnerships.com for more information.
This information is provided by RNS
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