The government's stake in Eurostar is to be sold off for £757 million, according to the Treasury.

Ministers said the sum raised was "significantly ahead of expectations" when the UK's shareholding in the cross-Channel rail link operator was put up for sale in October.

A consortium of institutional investors - Caisse de depot et placement du Quebec (CDPQ) and Hermes Infrastructure - have agreed to acquire the government's 40% stake for £585.1 million.

Eurostar has also agreed to redeem the government's preference share, raising a further £172 million.

The Government's Eurostar stake was originally identified as a possible candidate for sale in Chancellor George Osborne's 2013 Autumn Statement as part of a £20 billion sell-off of official assets.

Mr Osborne said that it was "a fantastic deal for UK taxpayers that exceeds expectations".