Lanacshire County Pension Fund enters Eurostar bidding war

Caitlin Morrison
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The UK government put its 40 per cent stake in the rail company up for sale last October
Lanacshire County Pension Fund (LCPF) has thrown its hat into the ring in the battle to buy the government’s 40 per cent holding in Eurostar.

The £5.7bn fund, which invests on behalf of thousands of Lancashire’s local authority workers, is up against various international infrastructure investors to buy the stake, which is valued at £400m.

The remaining 60 per cent of the company is owned by French national rail operator SNCF, which holds 55 per cent, and Belgium’s national rail company SNCB, which has five per cent. UBS was appointed by the government in October to run the auction.

Competing bidders are reported to include the China Investment Corporations, Singapore’s sovereign wealth fund GIC Private, and a partnership comprising British private equity firm 3i and French insurer Predica. Energy firm EDF is also said to be interested in acquiring the holding.

LCPF declined to comment yesterday.

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