AXA Investment Managers – Real Assets, a global leader in real assets investment and real estate portfolio and asset manager in Europe, has agreed, on behalf of its clients, to acquire 15 percent of Agility Trains West from John Laing for £230 million ($321 million).
Agility Trains West will finance, own and maintain 57 new Hitachi Class 800 intercity express trains. The trains are subject to a government-backed 27.5-year usage guarantee and will be maintained by Hitachi. The trains are bi-modal, meaning they can operate on both electrified railway tracks and, by generating their own electricity using on-board engines, on tracks that are not electrified.
Mark Gilligan, head of infrastructure equity at AXA IM – Real Assets, said, “This is our first United Kingdom infrastructure equity investment. We focus on underlying earnings and Agility Trains West falls squarely within our investment objectives. We are especially pleased by the quality of the trains and our long-term partners. This follows our initial investment in the A63 toll road in southwest France and builds on our high-quality, core transportation portfolio.”
This investment will add to AXA IM – Real Assets’ existing €5 billion ($6.1 billion) infrastructure debt and equity portfolio managed on behalf of clients.
