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Rail finance and rolling stock supply


Meet the team

As an integral part of our global rail finance team, we work as an integrated unit and advise on the supply and financing of locomotives and freight and passenger rolling stock around the world. 

“The ‘experienced’ department at Norton Rose Fulbright has ‘very good market knowledge, is extremely responsive, and has expert partners’.” Legal 500 UK, 2015

Our global spread keeps us aware of developments and our experience allows us to stay innovative.

Working with colleagues throughout Europe, the United States, Canada, Latin America, Asia, Australia, Africa and the Middle East, our London rail financing lawyers advise a range of governmental organisations, regulators, manufacturers, lessors, financiers and train operating companies on the full range of asset financing techniques available to the industry.

We deliver

  • Experience in most of the major new rolling stock orders placed in the UK since the privatisation of British Rail.
  • Unrivalled experience negotiating rolling stock supply contracts, maintenance agreements and other associated contracts.
  • A deep understanding of the performance regimes, maintenance reserves and the taxation issues relevant to rail financing activity.

Our areas of work include

  • contractual agreements
  • financing
  • franchise bids
  • sale and purchase of rolling stock and locomotives
  • leasing of rolling stock
  • maintenance and refurbishment of freight and passenger rolling stock and locomotives
  • securitisation
  • structured financing.

Our recent work

  • Advising Dresdner Bank AG (London Branch) on a €273m securitisation of lease rentals from freight railcars owned by Swiss operator AAE and operated in 25 European jurisdictions.
  • Advising National Express Group on its bid for the Great Northern/Thameslink rail franchise in the UK.
  • Advising HSBC Rail on the operating lease financing of a new £200m fleet of electric multiple units to be manufactured by Siemens and used by First ScotRail.