John Laing sells stake in East Coast rolling stock for GBP421mln

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John Laing Group PLC (LON:JLG) shareholders are in line for a dividend boost after the FTSE 250-listed firm agreed to sell its 30% interest in the rolling stock used on the East Coast Main Line.

Specialist infrastructure investor AIP is acquiring the stake in IEP East, the project’s rolling stock element, for GBP421mln in cash.

That compares to a valuation of GBP333mln in June and Laing said its dividend policy is to pay approximately 5%-10% of gross proceeds from the sale of investments on an annual basis.

The transaction will complete in two stages of roughly equal value over the next 12 months.

In a statement, Ben Loomes, John Laing’s chief executive said: “We are delighted to have successfully completed the sale to AIP of this high-quality, availability-based asset at a strong uplift to book value.

“We continue to make good progress in developing our investment pipeline. The prospects for infrastructure investment are stronger than ever.”

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