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].

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).