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September 17, 2019

UK announces investment to replace old trains on Isle of Wight line

The UK Department for Transport has announced a £26m investment to replace old trains operating on the Isle of Wight railway line.

The UK Department for Transport has announced a £26m investment to replace old trains operating on the Isle of Wight railway line.

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The Island Line service linking Ryde and Shanklin uses trains that were built in 1938.

As the Island Line has restrictions with regard to the size of units operating on it, the South Western Railway (SWR) has selected five trains of Class 484, which will be supplied by Vivarail.

These former London Underground trains will be refurbished to offer better capacity, accessibility, Wi-Fi and passenger information systems.

The two trains will also have connecting gangways to enable guards to move throughout the train to offer assistance and collect tickets.

The proposal was developed with important stakeholders of the island, including the Isle of Wight Council and Solent Local Enterprise Partnership. Furthermore, they will jointly contribute £1m for the construction of a new passing loop at Brading.

The department will provide investment to improve tracks and infrastructure to support the new trains.

UK Rail Minister Chris Heaton-Harris said: “This investment in the Island Line means more punctual, reliable trains and better connections to ferry services, supporting local residents, businesses and tourism. This underlines our determination to provide passengers across the country with the modern rail network they expect.”

Vivarail CEO Adrian Shooter said: “It is a great privilege for Vivarail to be part of the wholesale upgrade of the Island Line. Vivarail will be building 3rd rail trains to make the best use of Island Line’s electrified track, this follows on from our diesel units for West Midlands Railway and battery/diesel trains for Transport for Wales, and is an example of how flexible the train is. I look forward to taking the first ride and enjoying the picturesque views of the Isle of Wight from the comfort of the new trains.”

The first trains are expected to undergo testing in the middle of next year and track improvements will commence at the end of 2020.

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How attractive are current investment opportunities in Europe?

Europe has been identified as one of the most favorable regions for investors, seeing high investment activity in the past year. Most of these investments have been through Debt Offering, valued at close to $700 billion. The region has provided attractive investments in a diverse set of companies. Companies who tend to major themes such Digital Media, Cloud, Artificial Intelligence, E-commerce, and Big Data are recording the highest number of deals, with Digital Media recording close to 2,000 deals. However, GlobalData’s whitepaper offers a full view of the market, analyzing less successful or attractive points of investment as well, examining statistics on Equity Offering investments and PE/VC deals. Understand how government agencies for economies around the world use GlobalData Explorer to:  
  • Track the M&A and Capital Raising volumes into their target market
  • Identify the top sectors in the target market attracting the investments
  • For any investment segment, identify the top Investors inside and outside the target economy that are already investing in the Segment
  • Assess and showcase the growth potential for various Industries in the target economy
Don’t miss out on key market insights that can help optimize your next investment – read the report now.
by GlobalData
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