AMP Capital ups stake in Angel Trains

The Australian fund manager, on behalf of various funds and clients, has bought an additional undisclosed stake in the UK rolling stock firm from Arcus.

A group of investors led by Australian fund manager AMP Capital has agreed to acquire a “significant additional stake” in Angel Trains, the UK’s largest rail rolling stock company.

The firm, which held a 25 percent stake in the company prior to the deal, declined to disclose the exact size of the additional interest acquired from London-based fund manager Arcus Infrastructure Partners’ European Infrastructure Fund 1. However, the firm says it now has a majority stake.

AMP Capital has been invested in Angel Trains since 2008. Its fellow investors in the latest deal are the Abu Dhabi Investment Authority, PensionDanmark, Swiss Life Asset Managers and an unnamed Asian institutional investor.

Separately from the AMP grouping, but as part of the same sale process, Canada’s PSP Investments has increased its holding in Angel Trains from 16 percent to 30 percent.

The deal, which was exclusively revealed by Infrastructure Investor to be under discussion in May this year, saw the involvement of advisers including CMS Cameron McKenna, PriceWaterhouseCoopers, SDG, Macquarie Capital, Freshfields Bruckhaus Deringer, Citigroup, Ernst & Young, Interfleet and Quasar Associates.

Angel Trains is the largest asset held by AMP Capital’s Global Infrastructure Fund, which was launched in October 2014. The fund achieved a first close earlier this year, contributing to the firm’s global infrastructure platform being halfway towards its $2 billion target.