The units, which will be comprised of both 5-car and 9-car configurations, are a bi-mode variant of the Hitachi “Super Express” train and will be financed and acquired by Eversholt Rail Group, and leased, initially, to First Greater Western Limited. The transaction represents the first post-IEP platform for the AT300 marque, and is the first order to be privately financed by a rolling stock leasing company (ROSCO).
Brioney Thomas, a partner in the Rail sector group at Burges Salmon, said: “We are pleased to have advised our long-standing client First Great Western on the procurement of new rolling stock to run on its West of England Routes. Our specialist transport lawyers supported FGW in delivering this major project to a rapid timescale, deploying our experience on major procurements, asset finance and rail. Having the right team in place from the outset was a key part of our delivery.”
The Osborne Clarke team advising Eversholt was led by Asset Finance partner, Clive Smith, who commented: “This is the first deal of its kind for this particular stock, being privately financed by the Eversholt Rail Group, a rolling stock leasing company (ROSCO). With a value of nearly £360m, this significant fleet of new-generation trains should provide improved journeys for the many travellers who use the Great Western Mainline.
“This transaction goes to further establish OC as a ‘go-to’ firm for this kind of work and we congratulate our client on adding this significant fleet of new-generation trains to its rolling stock portfolio.”
Hitachi was advised by a team from Addleshaw Goddard led by Transport Sector Head Paul Hirst, who stated: “We are very pleased to have supported Hitachi Rail Europe on this significant transaction and first order of its high speed AT300 product following the successful close of the Intercity Express Programme. These are exciting times for HRE and we are proud to be playing a part in its continuing success.”
