The deal includes the acquisition of Wascosa ’s operating group entities, which are expected to help both Swiss Life and Vauban bolster investments in the rail transport market.
Latham & Watkins was legal adviser to Swiss Life Asset Managers and Vauban for the deal, while Macquarie Capital and CA-CIB offered financial advice.
Based in Lucerne, Wascosa is involved in the leasing and administration of freight wagons for rail transportation across Europe.
With an investment volume of more than €150m per year, Wascosa acquires modern freight wagons to cater to the freight industry’s needs.
The company’s fleet consists of more than 15,000 wagons ranging from tank wagons for the chemical and mineral oil industry to wagons for combined transport and the conveyance of bulk goods or infrastructure construction.
Wascosa serves over 230 customers, including raw materials groups, industrial and logistics companies, and private and state rail companies, in more than 20 European countries.
Last year, Swiss Life Asset Managers and Vauban picked an 88% interest in German rail wagons owner Aves One.
Wascosa is a commercial partner of Aves One.
“Their long-term commitment as well as their expertise in the financing of infrastructure projects will secure Wascosa ’s position in the market as well as its future growth.”