Legal & General Assurance Society Limited (“Legal & General”) has announced that it has invested £200 million in new trains for the Wales & Borders franchise.
Legal & General is helping to finance a new fleet of 60 trains for the Core Valley Lines (CVL) in and around Cardiff, representing a significant investment in new rolling stock for Wales. The fleet is scheduled to begin running in 2024.
The new Wales & Borders rolling stock fleet will be a critical part of delivering increased capacity for the rail service in and around Cardiff. The replacement of an ageing diesel fleet will also result in lower emissions on the metro lines.
This transaction marks Legal & General’s fifth investment in the UK rail industry, demonstrating a continued commitment to UK infrastructure, and complementing Legal & General’s wider commitment to the £450 million regeneration of Cardiff Central Square.
Legal & General’s recent investments in Wales include the Aston Martin manufacturing centre in St Althan, the Government Property Unit (GPU) office as part of the Cardiff Central Square regeneration project and the new, Norman Foster designed, BBC Wales Headquarters. While building work continues on much of the site, the BBC will soon move into their new offices.
Eleanor Bucks, Managing Director, Direct Investments and Real Assets, Legal & General Retirement, said:
“We are very pleased to have helped finance new rolling stock in Wales, as part of our continued investment in UK railway provision and Welsh infrastructure. This investment complements our previous activity in the regeneration of key parts of Cardiff, including the area around the train station.
“We are committed to our investments in infrastructure in the UK, particularly where they play such an important part in people’s daily lives and can help bring people, businesses and communities together.”
Tom Sumpster, Head of Infrastructure at LGIM Real Assets, said;
“We are pleased to be financing the purchase of new rolling stock for the Wales & Borders franchise, helping to provide cutting edge transport with lower carbon emissions in Wales and to be a part of growing transport links between England and Wales.
“Despite the current political backdrop, this deal is testament to our commitment to UK infrastructure. These are unprecedented times, and only those who are forward thinking and able to flex to the changing political and economic backdrop will prosper.”