Overview

Cross London Trains ('XLT') is a company established to procure and lease the rolling stock for use on the Thameslink passenger rail franchise.

3i Infrastructure invested £61.8 million in XLT in June 2013, alongside Innisfree PFI Secondary Fund 2 LP and Siemens Project Ventures. XLT was set up to finance and purchase 115 Desiro City Class 700 trains from Siemens plc and lease them to the Operator of the Thameslink rail franchise, currently Govia Thameslink Railway (GTR).

The Class 700 trains are amongst the most modern and most efficient trains in the UK. Their new generation software enabled design gives the ability to intelligently monitor maintenance, improving reliability. Automatic train operation technology will allow them to run 24 trains per hour, in both directions, through the London core.

In March 2019, 3i Infrastructure sold its 33.3% stake in XLT to a consortium of Dalmore and Equitix funds generating proceeds of c. £333 million.

Highlights

• The fleet was delivered on time and on budget in June 2018 and is now fully operational
• The Class 700 train won “Train of the Year” at the National Rail Awards 2018
• The fleet now represents a key element of London’s commuter rail infrastructure

Regulatory information 
This transaction involved a recommendation of 3i Investments plc.