The Abellio East Anglia rail franchise has closed a GBP600 million financing for a fleet of new Stadler trains led by Rock Rail and SL Capital, part of Standard Life Investments.
Additional co-investment equity was provided by GLIL, the Greater Manchester Pension Fund and London Pensions Fund Authority infrastructure investment joint venture.
Senior debt was provided by a group of UK and international institutional investors together with the European Investment Bank. The debt composition was advised by DC Advisory.
Mark Swindell, founder of Rock Rail, says: “We are delighted to close our second rolling stock financing, especially in what have been volatile markets post the Brexit referendum. The highly competitive long term nature of funding provided by our blue chip institutional investors delivers best value for money to the East Anglia passengers and taxpayers over the life of the trains.”
Dominic Helmsley, head of SL Capital Infrastructure, says: “SL Capital’s funding of this important upgrade to rail services in East Anglia signifies continued success of our joint venture with Rock Rail. We also see further potential to provide competitive funding for new rolling stock across the UK rail network.”