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Angel Trains signs deal to finance Abellio’s £900m procurement of UK rolling stock for East Anglia rail franchise
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30 September 2016
Angel Trains can confirm today that it has signed the contract to finance the procurement of 665 new Bombardier Aventra vehicles as part of Abellio’s winning East Anglia rail franchise bid, announced by the Department for Transport on 10 August.
The £900m deal to deliver these new vehicles, signed on 29 September, will increase passenger capacity in the region and greatly improve the passenger experience. The Bombardier Aventras will be built in the UK, ensuring a stable, long-term workload for over 1,600 staff in Derby. Angel Trains has a wealth of asset management experience in the rail industry; to date, it has invested more than £4.7 billion in the UK rail industry since privatisation. This new contract for the East Anglia franchise demonstrates its ongoing commitment to further investment to increase capacity, to enhance the service passengers experience through new and improved rolling stock, and to provide long-term employment in the UK.
Malcolm Brown, CEO of Angel Trains, said: “The modernisation of East Anglia’s network is a major boost to the UK rail industry and the economy. We are delighted that, through the supply of 665 new Bombardier Aventra vehicles, Angel Trains will be contributing to an improved service and experience for passengers in the region. This project, one of the largest private investments into rolling stock in the last 20 years, reiterates Angel Trains’ ongoing commitment to the UK rail industry. We look forward to supporting our industry partners and continuing to make further significant investments.”
Dominic Booth, MD of Abellio UK, said: “We are pleased to have finalised the agreement with our financier Angel Trains that is part of the largest-ever privately-procured train order in the UK.
“It will give the people of East Anglia high-quality trains as part of an ambitious transformation of the region’s railway. We look forward to working with Angel to deliver the 665 air conditioned Bombardier Aventra train carriages that will greatly improve the journey experience of millions of passengers”.
Commonwealth Bank of Australia (CBA) will partner with Angel Trains to finance the £900 million procurement. The transaction builds on CBA’s ongoing relationship with Angel Trains and further establishes the bank’s credentials in the rail industry and support for U.K. manufacturing.
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