3i Infrastructure plc has agreed to sell its 33.3% stake in Cross London Trains, a company established to procure and lease the rolling stock for use on the Thameslink passenger rail franchise, to a consortium of Dalmore and Equitix funds.

The sale is conditional on certain third party consents. Estimated proceeds for 3i Infrastructure are approximately GBP333 million (US$432.79 million). This compares to a valuation of GBP271 million (US$352.212 million) at 30 September 2018. In addition, 3i Infrastructure received a GBP12 million (US$15.6 million) distribution in January 2019.

Adjusting for the estimated proceeds from this realization, the pro-forma September 2018 Net Asset Value of the Company is estimated to have increased to 229.3 pence per share, after payment of the interim dividend.

Completion is expected prior to the company’s year end.