March 25, 2019

London Elizabeth Line leaseback deal closed

Transport for London (TfL) has closed the sale and leaseback of Elizabeth Line trains with 345 Rail Leasing, a consortium comprising Equitix, NatWest and SMBC Leasing.

The trains will be leased for an initial term of 20 years, with an option to purchase the fleet at the end of the initial lease term.

The transaction releases about £1 billion ($1.3 billion) of capital to reinvest into London’s transport network, including delivering a fleet of new Piccadilly Line trains.

Law firm Ashurst advised TfL in relation to the transaction.