StockMarketWire.com - Infrastructure investor John Laing Group said it had agreed to sell its remaining 15% stake in a UK train joint venture to a subsidiary of AXA for £227.5m.

The sale price was in excess of the company's most recent portfolio valuation at 31 December, John Laing said.

The so-called IEP Phase 1 project comprises a 27.5-year contract to design, manufacture, finance, deliver into daily service and maintain a fleet of 57 express trains. It also involves the construction and/or refurbishment of three associated depots for the Great Western main line in the UK.

Hitachi Rail Europe was responsible for supplying the trains and ensuring they performed reliably on a daily basis.

'We are pleased to have realised good value for our investment and to have taken a major step towards our divestments guidance for the year,' chief executive Olivier Brousse said.

'Our partnership with Hitachi continues through our investment in the IEP Phase 2 project for the East Coast main line, with first train delivery expected by the end of this year.'


At 1:31pm: [LON:JLG] John Laing Group Plc share price was -1.5p at 247.1p



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