LGIM Real Assets (Legal & General) announces that it has provided, on behalf of its clients including Legal & General Retirement Institutional (LGRI), £200 million in long-term debt financing to support the purchase of new rolling stock for the Wales & Borders franchise by Equitix and SMBC.
31 Jan 2019
CGI of proposed new fleet
This transaction marks Legal & General’s fifth investment in the sector, increasing its exposure to transport and demonstrating a continued commitment to UK infrastructure, and complementing Legal & General’s wider commitment to the £450 million regeneration of Cardiff Central Square.
The new Wales & Borders rolling stock fleet will be a critical part of delivering increased capacity for a rail service in and around Cardiff, particularly the CVL Metro route which sees utilisation higher than the UK average. The new metro fleet will replace an ageing diesel fleet, resulting in lower emissions on these lines. Similarly, the tri-mode trains will replace existing old diesel rolling stock and will have the capability of being powered by electric overhead lines, battery or diesel engine, supporting a shift away from all-diesel powered operations.
Tom Sumpster, Head of Infrastructure at LGIM Real Assets: "We are pleased to be financing the purchase of new rolling stock for the Wales & Borders franchise, helping to provide cutting edge transport with lower carbon emissions in Wales and to be a part of growing transport links between England and Wales."