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2014-10-15 - [GB] Porterbrook Rail Finance Ltd sold to investment consortium

Home News Archive 2014-10-15 - [GB] Porterbrook Rail Finance Ltd sold to investment consortium


On October 10, the holding company owning Porterbrook Leasing Company Ltd. was sold to an investment consortium. Portebrook owns 61 Class 66 locomotives that are being operated in the UK. The following statements was published by Porterbrook on their website:


Today the ultimate owners of Porterbrook Rail Finance Limited (“Porterbrook” or the “Company”), one of the three major rolling stock leasing companies in the UK, entered into an agreement for the sale of their indirect interests in the Company to a global investment consortium comprised of Alberta Investment Management Corporation (“AIMCo”), Allianz Capital Partners (“ACP”) on behalf of certain insurance companies of the Allianz Group, EDF Invest and Hastings Funds Management (“Hastings”) (together the “Consortium”).


Porterbrook owns a diverse portfolio of passenger and freight rolling stock and leases this stock to train and freight operating companies in the UK under long-term lease agreements. It owns and manages a modern fleet of approximately 5,900 passenger and freight vehicles and its portfolio represents approximately one third of Britain's passenger rolling stock fleet.


All Consortium members are long-term infrastructure investors with a similar investment strategy and have considerable experience in acquiring and managing infrastructure assets across the globe.


Paul Francis, the Managing Director of Porterbrook, said, “We are delighted to welcome AIMCo, ACP, EDF Invest and Hastings as new investors to our business. Their long term approach and capital resources will position Porterbrook well to lead the next phase of growth in the rail industry.”


The Consortium said, “We are excited about the opportunity to invest in Porterbrook. 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.


(Porterbrook)


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