AIP Management, an investor specializing in energy infrastructure and decarbonization projects, has signed an agreement to acquire an additional stake in XLT Cross London Trains (XLT), thereby strengthening its presence in the UK rail sector.
The transaction is expected to close in the first half of 2026, subject to obtaining the necessary approvals from third parties.
The transaction continues the strategy initiated in 2022, following the initial investment in XLT, and complements the previous investment in Agility Trains East in 2020.
XLT owns and operates a fleet of 115 Siemens Desiro City Class 700 electric multiple units, used on the Thameslink route—one of the most important rail corridors in the United Kingdom. The line provides essential connections along London’s north–south axis, serving major hubs such as St Pancras International, Gatwick and Luton airports, as well as other key commuter destinations.
The investment is based on a stable revenue model generated through long-term leasing contracts tied to train availability. At the same time, maintenance of the rolling stock fleet is ensured through a long-term agreement with Siemens, which contributes to the high operational performance of the trains, already adapted to the specific requirements of the Thameslink infrastructure.
Electrified rail transport is a key pillar of the decarbonization strategy promoted by AIP Management. The trains operated by XLT are fully electric and use regenerative braking technology, which allows approximately 23% of the energy consumed to be returned to the grid, increasing the system’s energy efficiency. The Thameslink route is operated by Govia Thameslink Railway and carries nearly 300 million passengers annually.
XLT, owned by multiple investors
By strengthening its position in the UK rail sector through the acquisition of stakes in XLT, AIP reinforces its investment strategy in sustainable infrastructure and expands its exposure to the electrified rail transport segment. This move reflects the company’s focus on stable assets with predictable long-term revenues and supports the transition to a more energy-efficient mobility system, in which electric trains play a central role in reducing emissions and modernizing public transportation.
AIP representatives emphasize that XLT is an example of resilient infrastructure with solid performance and predictable long-term revenues, and the expansion of the stake reflects confidence in the role of electrified rail transport in reducing emissions and developing sustainable mobility.
Cross London Trains (XLT) is a UK-based ROSCO (Rolling Stock Company) that owns trains and leases them to rail operators. XLT does not operate trains but finances and owns them, serving as a key component of the UK rail system, where operators and rolling stock owners are separate entities.
Cross London Trains is currently owned by a consortium of several institutional investors, each holding an equal stake. The ownership structure is divided equally, at 33.3% each, among a joint venture comprising AIP Management, HICL Infrastructure, and Dalmore Capital; the Siemens Group; and Innisfree. This structure reflects the specific model of the British rail market, in which assets are held by specialized investors and made available to operators through long-term contracts.
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