Macquarie Bank has formed a new European rail business unit and agreed to acquire Lloyd’s Banking Group’s European rolling stock leasing business.
The European rolling stock leasing business includes three separate portfolios of rolling stock assets, including a portfolio of rail passenger vehicles currently leased to Greater Anglia, the operator of the Stansted Express airport rail service in the UK.
The assets also include a rail freight portfolio of locomotives and wagons under operating lease to two operators in the UK, as well as a continental European rail freight and passenger portfolio of locomotives, passenger trains and wagons leased to operators in Europe.
The addition of the new portfolio will complement the rolling stock business that Macquarie operates and the asset leasing it carries out through its Corporate and Asset Finance Group.
Macquarie has an existing rolling stock leasing business serving the North American market.
Macquarie Group global head of transportation finance Stephen Cook said that the acquisition will help the company to expand its leasing portfolio and develop a European rail leasing platform with a new modern fleet of freight locomotives, wagons and passenger vehicles.
"The business provides a strong platform for growth, with the UK and continental European passenger and freight rail industries expected to benefit from the long-term growth in demand in these sectors," Cook said.
Macquarie Capital acted as financial advisor for the deal, which is subject to regulatory approvals and is scheduled to be completed in late December 2012.
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