AXA Investment Managers – Real Assets has purchased European Locomotive Leasing (ELL), a Pan-European provider of electric locomotive leasing solutions, from KKR. A purchase price was not disclosed.
ELL owns and maintains a fleet of more than 150 locomotives that are leased to over 20 customers across continental Europe in countries including Austria, Germany and Switzerland, according to AXA IM – Real Assets. ELL also has a transnational network of spare parts and maintenance depots.
In December, AXA IM – Real Assets signed a definitive agreement to acquire the locomotive leasing business, acting on behalf of its clients and Crédit Agricole Assurances.
“We first invested in rolling stock in 2018 with Agility Trains West in the U.K,” said Mark Gilligan, head of infrastructure equity at AXA IM – Real Assets. “That’s a core infrastructure business and it’