GERMANY: International investor John Laing Group has entered the German rolling stock leasing market with a deal to finance 61 Siemens Mobility Mireo Plus B battery-electric multiple-units ordered by Westfalen-Lippe transport authority NWL.
John Laing has an 89% equity stake in the project, with the remainder being owned by specialist investment and asset management company Rock Rail which has investments in regional train fleets across Germany.
There will be a four-year delivery period to be followed by a 30 year wet lease.
On April 23 RockRail COO Mike Kean said the deal ‘demonstrates how specialist rolling stock expertise and long-term private capital can help deliver modern, lower-emission transport solutions that create lasting value for passengers and the public sector.’
NWL will make the two-car BEMUs available to the future operator of Netz Nördliches Westfalen services, which is to be appointed this year through a separate procurement process.
The first trains are expected to enter service in December 2029, replacing existing diesel multiple-units to offer cleaner and quieter operation. They will charge their batteries from the overhead electrification where available, as well as through regenerative braking.
Rail portfolio
John Laing’s rail portfolio includes the New Generation Rollingstock EMUs in Queensland, the Sydney light rail project and the Denver Eagle commuter rail PPP in the USA. It was an initial investor in the UK’s Intercity Express Programme, but has divested its stake.
CEO Andrew Truscott said ‘we are delighted with this important new rail investment in Germany that reflects both our specialist greenfield investment capabilities and our long-term commitment to sustainable transport infrastructure. It also marks our return to Germany, working with excellent delivery partners – Rock Rail and Siemens – to enable the transition to cleaner public transport with a clear decarbonisation benefit.’
John Laing was advised by Stifel (financial), K&L Gates, Eversheds, Norton Rose Fulbright (legal), CMS (lenders legal), PWC (tax & accounting), Operis (model build audit), The Hub (commercial), Railistics (technical) and Willis (insurance).