Transport for London (TfL) has agreed a £1 billion 20-year sale and leaseback deal for its 70 Class 345 electric multiple units being delivered by Bombardier.
The trains will be leased from 345 Rail Leasing – a consortium comprising Equitix Investment Management Ltd, NatWest and SMBC Leasing. There is an option for TfL to purchase the fleet at the end of the initial lease term. The deal was approved by TfL’s Finance Committee in December, and the £1bn will be reinvested in infrastructure across the capital’s transport network including the new Piccadilly Line trains to be built by Siemens.
Simon Kilonback, Chief Financial Officer at Transport for London said: “As is standard practice across the rail industry, we have been looking to sell and lease back our Elizabeth line rolling stock. This will help us purchase new trains on London Underground’s Piccadilly line, where there is a clear need for a modern fleet.
“This is a positive deal for London, releasing almost a billion pounds of funding for TfL which can be immediately reinvested into delivering transport improvements, while still allowing us to operate these trains on our network."
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