European high-speed sale & leaseback

A major European state operator launched a sale and leaseback transaction for a brand-new high-speed rolling stock fleet still in delivery. IPEX was asked by one of its regular financier investor clients to provide technical and commercial advice on the deal and quickly mobilised an expert team with experience of the European high-speed market. The nature of the opportunity meant limited materials were available from the vendor, but our team was able to deploy retained knowledge of the train product and its operation as well as experience and knowledge of the wider market. Despite positive interest from multiple parties the vendor opted to explore direct approaches from national banks, and the transaction was cancelled ahead of the binding offer stage.