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Special rules are applicable when US Residents and other US Persons access the 3i Infrastructure plc website. For US regulatory reasons, US Residents are not permitted to access the 3i Infrastructure plc website (www.3i-infrastructure.com), unless they have express permission from 3i Infrastructure plc to do so (which may be granted by 3i Infrastructure plc in circumstances where such US Resident has given 3i Infrastructure plc certain undertakings). 3i Infrastructure plc is not offering any securities or services in the United States or to US residents through the 3i Infrastructure plc website. A "US Resident" includes any US Person, as well as (i) any natural person who is only temporarily residing outside the United States, (ii) any account of a US Person over which a non-US fiduciary has investment discretion or any entity, which, in either case, is being used to circumvent the registration requirements of the US Investment Company Act of 1940, and (iii) any employee benefit or pension plan that does not have as its participants or beneficiaries persons substantially all of whom are not US Persons. In addition, for these purposes, if an entity either has been formed or is operated for the purpose of investing in a particular security or obtaining a particular service, or facilitates individual investment decisions, none of the beneficiaries or other interest holders of such entity may be US Residents. The term "US Resident" also includes (i) persons acting for the account or benefit of a US Resident or (ii) persons in the United States when they are seeking to enter the website. Terms used in this paragraph (including the term "US Person") have the meanings given to them in Regulation S under the US Securities Act of 1933.
Transport & logistics
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.
“We had a very open and constructive relationship. 3i helped when XLT moved from the contractual into the operational phase because they had a prior relationship with Eversholt Rail Group, who provide asset management services to XLT.” Andy Pitt, Executive Chairman, Cross London Trains (XLT)