BLP advises Angel Trains on landmark £210m rolling stock financing
International law firm, Berwin Leighton Paisner (BLP) advised Angel Trains, one of Britain’s leading train leasing companies and owner and lessor of rolling stock, on their £210m rolling stock financing for the leasing of a fleet of new trains to boost capacity on the UK’s busiest commuter network. Angel Trains is unique in leasing to all 19 franchised operators and open access operators in the UK.
The carrier, Stagecoach South Western Trains (SSWT), announced its intention to award the contract to Angel Trains and manufacturer Siemens at a press launch at Waterloo earlier this month representing one of the largest project investments in the industry.
The 30 new five-carriage Desiro City trains will provide for more than 18,000 extra peak-time passengers every day travelling into London Waterloo, the country’s busiest station. The first of the 150 new carriages will begin arriving in 2017 and will all be in service by early 2018, creating 140 new jobs as a result. The train order will also allow for a further 6,000 daily peak-time passengers once infrastructure upgrades are completed on the network.
The BLP team was led by Head of Asset Finance Russell Clifford, and included Partner Jamie Wiseman-Clarke, with support from associates Amy Maxwell, Jaymine Rana and Stuart Cottrell.
Commenting upon the decision, Malcolm Brown, CEO, Angel Trains, said: “We are delighted to be able to procure and lease the Siemens Desiro City Trains to SSWT. As well as complementing Angel Trains’ diverse portfolio of over 4,500 vehicles, the new EMUs will provide a value-for-money and flexible solution to enable South West Trains to improve rail services for its passengers.
“Growth in passenger volume in the capital is expected to continue in the future and we are committed to working with train operators and the Department for Transport to find effective solutions. Investment in new carriages for South West Trains helps to alleviate further strain on the capital’s rail network for the next 10-15 years.”
Head of Asset Finance and Client Relationship Partner Russell Clifford said: “This is an important transaction for Angel Trains, a longstanding client of the firm and a further boost for BLP’s asset finance practice, which has gone from strength to strength over the past nine months advising on over £750m of rolling stock finance and leasing work. This new lease for SSWT will be one of the essential first steps in increasing long term capacity on the UK’s busiest commuter network and a real boost to the UK rail industry”.