3i Infrastructure sells Eversholt Rail stake to Hong Kong for healthy premium

3i Infrastructure has agreed to sell its entire stake in major UK passenger and freight rolling stock owner Eversholt Rail for £358m to a Hong Kong infrastructure investor.

The FTSE 250 investment trust bought Eversholt, which owns 28% of the current UK passenger train fleet, in 2010 as part of a consortium with Morgan Stanley Infrastructure Partners and STAR Capital Partners.

The sale, which it expects to be completed by March, is dependent on European Commission approval.

The proceeds of approximately £358m include £5.9m of interest receivable and come after a distribution of £15.5m received in December 2014, meaning the sale represents a significant uplift on the £240.8m valuation at 30 September.

Chairman Peter Sedgwick said: "While 3i Infrastructure generally aims to hold its core investments over the long term, it will sell investments from time to time where this generates significant additional value for shareholders and it is in this context that we have taken the decision to sell our shareholding in Eversholt Rail.

“We have been busy developing a healthy pipeline of new investment opportunities and look forward to bidding on a number of Core opportunities over the coming months.”

Shares were up 4.39% to 159.4p on Tuesday at 11:06.