Transport for London has completed a sale and leaseback deal for the new Class 345 ‘Elizabeth line’ trains to 345 Rail Leasing, a 20-year deal which will release approximately GBP 1 billion (EUR 1.16 billion) to TfL.
The final deal also secures TfL savings across its current five-year Business Plan, as the cost of the lease will be less than that assumed in that plan.
345 Rail Leasing – a consortium comprising Equitix Investment Management Ltd, NatWest and SMBC Leasing.
The sum of this transaction will be reinvested in infrastructure across London’s transport network, including delivering a fleet of new Piccadilly line trains, the first of which will appear in London from 2023.
In addition, the deal includes an option for TfL to purchase the fleet back at the end of the initial lease term if it wishes to do so. As with all leaseback contracts entered into by TfL, all other financial details are commercially sensitive.
Currently, 57 of the full fleet of 70 trains for the Elizabeth line have been built. Since June 2017, the new Class 345 trains, which have been built by Bombardier Transportation in Derby, have been gradually introduced on TfL Rail services between Liverpool Street and Shenfield, as well as between Paddington and Hayes & Harlington since May 2018.
Crossrail Limited is now carrying out Dynamic Testing of the Elizabeth line to make sure all the railway’s systems are safe and reliable.
Train testing is now being carried out through the new tunnels in central London using the new Class 345 trains.
The completion of the sale and leaseback deal will have no impact on the operation or maintenance of the Elizabeth line fleet, which will remain with TfL and MTR Crossrail, who currently operate TfL Rail services.
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