(Alliance News) - 3i Infrastructure PLC on Wednesday said it had agreed to syndicate a roughly 27% stake in TCR International to co-investment vehicle 3i Zephyr.

The syndication will reduce 3i Infrastructure's holding to around 69% from 96%, raising EUR220 million. The proceeds will be used to repay part of its revolving credit facility. Completion is expected to take place later this quarter.

3i Investments PLC, the company's investment manager, will continue to manage 96% of TCR International.

TCR International is a provider of ground support equipment rental solutions and services, supporting air industry customers in their ground handling processes. The business is present in over 160 airports, compared with 100 at acquisition, with more than 30,000 ground support equipment assets in its rental fleet, compared with 23,000 at acquisition, 3i Infrastructure noted.

Scott Moseley and Bernardo Sottomayor, managing partners and co-heads of European Infrastructure, said: "This transaction allows 3i Infrastructure to raise additional liquidity and achieve portfolio concentration balance. We have attracted six high-quality institutional investors, demonstrating the continuing strength of demand for infrastructure investments within private capital markets.

"We are excited about the strong trading momentum at TCR, which is ahead of our expectations at the time of announcing the further investment, and we look forward to continue working with TCR's management team to take advantage of increasing demand for its full service rental model."

Shares in 3i Infrastructure were trading 1.3% lower at 331.75 pence each in London on Wednesday morning.

By Chris Dorrell; chrisdorrell@alliancenews.com;

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