Alberta Investment Management Corporation (AIMCo), Allianz Capital Partners and Hastings Funds Management have reached an agreement to purchase Porterbrook Rail Finance Ltd., one of the three major rolling-stock leasing companies in the United Kingdom.
The parties have contractually agreed not to disclose the purchase price.
Porterbrook owns a diverse portfolio of passenger and freight rolling stock and leases this stock to train and freight operating companies in the U.K. under long-term lease agreements. It owns and manages a fleet of approximately 5,900 passenger and freight vehicles, and its portfolio represents approximately one-third of Britain’s passenger rolling-stock fleet.
“We are delighted to welcome AIMCo, Allianz and Hastings as new investors to our business,” says Paul Francis, managing director of Porterbrook. “Their long-term approach and capital resources will position Porterbrook well to lead the next phase of growth in the rail industry.”
The transaction is expected to be completed by the end of October.
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