International Public Partnerships sells down Angel Trains stake

International Public Partnerships announced on Monday that it has agreed to sell a 1.6% stake in UK rolling stock leasing firm Angel Trains to a vehicle managed by Arjun Infrastructure Partners for around £32m, at a premium to its last published valuation.

Completion was expected in the coming weeks.

The FTSE 250 company said the sale would reduce its holding in Angel Trains to about 8.4%, while retaining board representation and active governance through its investment adviser, Amber Infrastructure Group.

INPP first invested in Angel Trains in 2008, and had made subsequent follow-on investments.

Chair Mike Gerrard said the deal reflected the company’s strategy of “optimising its portfolio while supporting both capital returns and attractive reinvestment opportunities,” citing recent transactions including the £49 UK Education public-private partnership sale and its preferred bidder status for Sizewell C.

Proceeds would support INPP’s share buyback programme and future investment commitments, including its £250m pledge to Sizewell C.

To date, £88m had been spent on repurchases under the programme, which was recently expanded to up to £200m.

Since July 2023, INPP said it had realised over £345m from disposals across energy transmission, social, transport and digital infrastructure assets, equivalent to around 13% of its 31 December 2024 portfolio, all in line with or above their last reported valuations.

At 1519 BST, shares in International Public Partnerships were up 1.62% at 125.4p.

Reporting by Josh White for Sharecast.com.