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GLIL Infrastructure is proud to be the winner of the Transport category at the recent IPE Real Assets Infrastructure and Natural Capital Global Awards
18 September 2024
We are proud to be the winner of the Transport category at the recent IPE Real Assets Infrastructure and Natural Capital Global Awards.
The award recognises the fund's investment in train stock for Agility Trains East, Rock Rail East Anglia, and Rock Rail South West, as well as the M6toll road.
With its focus on UK projects, networks and infrastructure assets, GLIL’s transport holdings include the following.
Agility Trains East
GLIL currently holds a 30% equity stake in Agility Trains East (ATE), a rolling stock fleet of 65 new intercity trains, from Hitachi Rail Limited, on the UK’s East Coast main line. ATE was established in partnership with the UK’s Department for Transport to develop the Intercity Express Programme, an initiative to replace the country’s fleet of intercity-class trains with a new reliable and efficient fleet.
The electric and bi-modal Hitachi Class 800/801 Intercity Express trains have been fully delivered and currently operate out of London Kings Cross connecting with cities across the North of England and Scotland, including Bradford, Leeds, Hull, Newcastle, Edinburgh, Glasgow, Inverness and Aberdeen.
GLIL was attracted to the fleet thanks to its long-term credentials, including being supported by a long-term maintenance agreement with Hitachi and a 27.5-year guarantee period with the UK Department for Transport.
Rock Rail
GLIL provides equity for a new fleet of rolling stock operating on two of the UK’s regional rail networks: East Anglia and South West.
This is a focussed investment on high-quality core fleets that serve economically resilient regions and the opportunity to deploy further capital into the UK trains sector.
For the East Anglia line, GLIL Infrastructure and Aberdeen Standard Investments reached financial close, alongside Rock Rail, to provide equity finance for the manufacture of a fleet of 58 trains comprising 378 vehicles. The fleet is a mix of 20 electric multiple units and 38 bi-mode units, which can operate using overhead lines or diesel generators.
Following the successful close of the East Anglia transaction in 2016, GLIL and Rock Rail once again collaborated to provide equity finance for the manufacture of a fleet of 75 trains comprising 750 vehicles to be operated on the South Western franchise. The all-electric fleet now consists of 60, 10-car intercity trains and 15 five-car inner-suburban trains.
Rock Rail also demonstrates a strong commitment to delivering responsible investments with a focus on sustainable benefits for the environment, local communities and wider society. For GLIL Infrastructure, the investment provides an opportunity to directly invest in strategically important UK passenger rolling stock and other rail infrastructure to support the economy while contributing significantly to the development of greener rail solutions. Moreover, two of the projects will provide stable, predictable cash flows on the back of a long duration asset. The sector also has high barriers to entry and minimal construction risk. Strong governance also underpinned the investment decision.
M6toll road
The M6toll is a 27 mile (43 kilometre), dual three-lane carriageway near the UK’s second largest city Birmingham. It functions as a congestion relief road for the toll-free M6 motorway and several nearby A class roads. GLIL acquired a 25% interest in the M6toll concessionaire in January 2023.
In recent years, several strategic initiatives have been undertaken to improve the road for the motorists who use it every day and have contributed to it being named Britain’s Best Motorway[1] among heavy vehicle drivers. This includes the Road Ahead capital programme, which will see investments in digital technologies to maintain the road as a world class tolling system, enhance the user experience and improve time efficiencies throughout the toll network.
Another key point that attracted GLIL is its ESG credentials. The M6toll has already achieved material reductions in carbon emissions, operational safety improvements, and meaningful community engagement.
[1] Source: Roadchef, April 2022: M6 Toll is crowned Britain's BEST motorway as HGV drivers vote the Midland Expressway the 'most enjoyable route'