10th Oct 2014 14:58
LONDON (Alliance News) - The ownership of Porterbrook Rail Finance Ltd, one of the three major rolling stock leasing companies in the UK alongside Angel Trains Ltd and Eversholt Rail Group, is to change, after its owners agreed to sell to a consortium comprised of Alberta Investment Management Corp, Allianz Capital Partners, EDF Invest and Hastings Funds Management.
Porterbrook owns a portfolio of passenger and freight rolling stock and leases it to train and freight operating companies in the UK under long-term lease agreements. It boasts a fleet of about 5,900 passenger and freight vehicles. Its portfolio represents about a third of Britain's passenger rolling stock fleet.
Porterbrook is currently owned by a consortium of Antin Infrastructure, Deutsche Bank and OP Trust. Lloyds TSB, a now defunct brand that was formerly used by Lloyds Banking Group PLC, exited the consortium in October 2010. The consortium bought Porterbrook from Abbey National Treasury Services in December 2008.
Paul Francis, the managing director of Porterbrook, said thew new investors' long-term approach and capital resources will enable it to "lead the next phase of growth in the rail industry".
The buying consortium said: "We understand the importance of rail infrastructure to the UK economy and we look forward to developing long-term relationships with each of the company's many stakeholders."
The transaction is expected to complete by the end of October.
By Samuel Agini; [email protected]; @samuelagini
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