London St. Pancras Highspeed, UK

London St. Pancras Highspeed (“LSPH”) formally known as HS 1 Ltd, is the UK’s only high-speed rail line running 109km from St Pancras International to the Channel Tunnel that connects the UK with France. LSPH operates, manages and maintains the track and four stations along the route, including St Pancras, under a 30-year concession with the Department for Transport (DfT) through to December 2040.

LSPH generates income from track access charges from domestic and international train operating companies and from retail and car parking at stations. The Project benefits from both demand risk¹ mitigation and inflation-linked tariffs. Major maintenance and asset renewal are regulated with the costs ultimately passed through to the train operating companies.

Eurostar services have been operating on LSPH since 2007, while domestic high-speed services under the Southeastern Highspeed brand became fully operational in December 2009. In 2019, LSPH commissioned an impact study, undertaken by a third-party consultant: Steer.

InfraRed has four representatives serving as Non-Executive Directors on LSPH’s Board. These individuals work alongside the company’s executives to identify value enhancement opportunities and help navigate regulatory processes. Since HICL’s acquisition in 2017, InfraRed has also supported processes to appoint new management team members, including CEO Robert Sinclair whose vast and relevant experience in the European short-haul transport sector (which includes serving as CEO of London City Airport) makes him ideally placed to lead the company into the new stages of its growth journey.

HICL has a 21.8% holding in LSPH with a 16 year life remaining.

1 As measured by train paths along the line