‘Largest ever’ UK rolling stock deal completed
Dutch state-owned rail operator Abellio UK has completed what has been described as the ‘largest ever privately-placed UK rolling stock order’ in two separate deals totalling over £1.5bn with train manufacturers Bombardier and Stadler.
The trains are for the new nine-year East Anglia franchise that Abellio will run from 16 October 2016.
Derby-based Bombardier will supply 111 new trains (665 carriages), and Swiss manufacturer Stadler will build 58 new trains (378 carriages). Delivery of the new stock is expected between 2019 and 2020.
The Stadler deal is worth £610m and was procured by Rock Rail and SL Capital Partners with additional co-investment from the Greater Manchester and London Pension Fund authorities. The debt was arranged by DC Advisory from Aviva, the European Investment Bank, Sun Life, Barings Asset Management, Legal & General and Standard Life Investments.
The Bombardier deal was funded by Angel Trains and Commonwealth Bank of Australia (CBA). The rolling stock order is worth approximately £869m, and it comes with a seven-year maintenance contract of around £83m.