Rail finance

A market-leading international rail finance team, we can offer advice to financiers on new market entry, new fleets of rolling stock and portfolio transfers as well as infrastructure investment.

We bring deep experience of facilitating single-jurisdiction and cross-border financings, complex loan financing transactions, leasing and portfolio transactions. We are acknowledged market leaders for advice on the development of new and innovative financing structures for the global rail sector and are the "go to" counsel for an impressive group of leading clients.


Leasing of assets like rolling stock and land for depots is used in many financing structures in the rail industry. Our award winning team are familiar with all aspects of leasing within the industry, including leases where the lessor takes the residual risk in the asset, full pay out leases, the formation of leasing companies, acquisition of leasing companies and portfolios and the sale and purchase of lease receivables. 


We have a strong team of lawyers who regularly advise both borrowers and lenders on debt products, whether secured or unsecured and including swaps. We offer tailored advice on rail transactions and find solutions which fit in with the regulated industry. We also work closely with our property finance team when working on depot transactions to ensure that all the land issues are covered.

Capital markets

Our team offers support to clients in relation to a wide range of capital markets products including debt securities (Eurobonds, MTNs, High Yield, private placements, hybrid and regulatory capital instruments, secured notes, liability management), equity and equity – linked instruments, derivatives and structured products.

A selection of our team’s experience is below:


Advising Corelink Rail Infrastructure Limited, as financier, in relation to the procurement and leasing arrangements for over £500 million of new trains. The new rolling stock was purchased from Bombardier and CAF, to be operated by West Midlands Trains on the UK rail network.

Norwich Crown Point

Advising on the debt financing for the substantial upgrades of the light maintenance rail depot at Norwich Crown Point. These upgrades were part of the Transport UK Group (formerly Abellio) franchise bid and were necessary to accommodate their upgraded fleet.

Wales and Borders

Advising on the debt and equity financing and associated security documents for the innovative £1.2billion funding and leasing for an entirely new fleet of trains for the Wales and Borders franchise. Also advised the financier in relation to all associated manufacture and supply agreements and leasing arrangements.


Advising Lloyds Bank and RBS on the sale of the Voyager passenger train fleet of 352 vehicles to Beacon Rail, a division of JP Morgan, following an auction process.


Advising Aviva on its financing and subsequent acquisition of a portfolio of UK light maintenance depots.