The Thameslink asset comprises the manufacture, finance and maintenance of 115 electric trains operating the UK Thameslink rail franchise, which operates routes from the South Coast to Cambridge, Peterborough and Bedford via busy central London commuter routes.
- Transport
Thameslink
- Dalmore Capital Fund 3
Case study overview
The 115-train fleet consists of 55 12-car and 60 8-car Desiro Class 700 trains, manufactured by Siemens and leased from XLT by the Train Operating Company (“TOC”) under a 20-year contract expiring in 2036. Following the expiry of the initial lease term the trains remain in the ownership of the concession and will be available for lease on merchant terms. The fleet is maintained at 2 depots located at Hornsey, North London and Three Bridges, West Sussex.
Sector
TransportFund
Dalmore Capital Fund 3, Co-InvestmentsFirst Investment date
March 2019Shareholding
16.7%
Explore more
Investment strategy
How we invest
For the past 14 years Dalmore has focused on investing in infrastructure that provides services critical to the functioning of society.
Through disciplined selection Dalmore funds have invested in lower volatility assets without significant exposure to GDP, traffic, usage or market price risk. Geographically Dalmore’s focus remains the UK, although we also manage assets in Europe and North America.
Looking forward, the UK mid-market core and core-plus segment continues to be our main focus, which we believe offers opportunities where disciplined underwriting, a thorough analysis of market exposure and local market expertise may support attractive risk-adjusted returns.