Aberdeen Investments and Rock Rail have reached first close on a new rolling stock investment platform, securing approximately £800 million from a syndicate of global institutional investors to support the delivery of the next generation of UK passenger trains. The platform will fund the delivery of existing rolling stock commitments and support the introduction of new, more efficient trains to replace ageing fleets, improve passenger experience, increase capacity and contribute to the continued decarbonisation of the UK railway. The transaction builds on more than a decade of investment in UK rolling stock by Aberdeen Investments and Rock Rail, which together have invested over £3.3 billion and now own and manage more than 10% of the UK’s passenger train fleet.

The Hub – Transport Advisory acted as commercial due diligence advisor to the sponsors, drawing on our extensive experience across rolling stock, rail operations and transport infrastructure. Our team provided detailed analysis of the UK rolling stock market, fleet fundamentals, industry trends and long-term investment considerations, alongside assessments of the commercial aspects of the transaction. By combining specialist market insight with deep sector expertise, we supported investors in understanding both the opportunities and risks associated with a significant long-term investment in the UK rail sector.

The transaction highlights the continued attractiveness of railway assets to long-term institutional investors and demonstrates the important role private capital can play in supporting the modernisation of the UK’s railway. As the industry seeks to replace ageing fleets, improve reliability and deliver decarbonisation objectives, investment in modern rolling stock will remain critical to improving passenger outcomes and supporting sustainable economic growth. Transactions of this nature also reinforce confidence in the long-term fundamentals of the UK rail market and the sector’s ability to attract global investment into essential transport infrastructure.

Ben Wilson, Senior Strategic Advisor commented: “We are delighted to have supported Rock and Aberdeen on this landmark transaction. The successful first close demonstrates strong confidence in the long-term future of the UK rail sector and highlights the important role that private capital will continue to play in funding fleet renewal and modernisation. We are proud to have provided commercial due diligence on a transaction that will help support the delivery of the next generation of passenger trains across the UK.”