Transport for London (TfL) has completed a deal to sell and lease back Crossrail trains, freeing up £1bn to invest into its transport network.
The trains will be sold to the 345 Rail Leasing Consortium under a 20 year sale and leaseback deal which includes the option to purchase the fleet at the end of the initial lease term.
The consortium comprises Equitix Investment Management, NatWest and SMBC Leasing.
Crossrail Ltd awarded the contract to supply, deliver and maintain 65 new trains and a depot at Old Oak Common to Bombardier in February 2014.
TfL said the released capital would be reinvested into the network, including delivering a fleet of new Piccadilly line trains the first of which will run on the line in 2023.
TfL chief financial officer Simon Kilonback said: “As is standard practice across the rail industry, we have been looking to sell and lease back our Elizabeth line rolling stock. This will help us purchase new trains on London Underground’s Piccadilly line, where there is a clear need for a modern fleet.
“This is a positive deal for London, releasing almost a billion pounds of funding for TfL which can be immediately reinvested into delivering transport improvements, while still allowing us to operate these trains on our network.”
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