Burges Salmon, Osborne Clarke and Addleshaw Goddard advise on £360m rolling stock deal

Burges Salmon, Osborne Clarke and Addleshaw Goddard have advised First Great Western, Eversholt Rail Group and Hitachi Rail Europe on the procurement of a fleet of new rolling stock units.

29 July 2015

Legal practices Burges Salmon, Osborne Clarke and Addleshaw Goddard have advised their respective clients, First Great Western, Eversholt Rail Group and Hitachi Rail Europe on the recently-announced £360 million procurement of a substantial new fleet of Hitachi-built AT300 rolling stock units that will service the busy Great Western Mainline routes from Paddington to the West Country.

The units, which will be comprised of both five-car and nine-car configurations, are a bi-mode variant of the Hitachi 'Super Express' train and will be financed and acquired by Eversholt Rail Group, and leased, initially, to First Great Western. The transaction represents the first post-IEP platform for the AT300 marque, and is the first order to be privately financed by a rolling stock leasing company (ROSCO).

Brioney Thomas, a partner in the Rail sector group at Burges Salmon, said: “We are pleased to have advised our long-standing client First Great Western on the procurement of new rolling stock to run on its West of England Routes. Our specialist transport lawyers supported FGW in delivering this major project to a rapid timescale, deploying our experience on major procurements, asset finance and rail. Having the right team in place from the outset was a key part of our delivery.”

The Osborne Clarke team advising Eversholt was led by Asset Finance partner, Clive Smith, who commented: 'This transaction goes to further establish OC as a ‘go-to’ firm for this kind of work and we congratulate our client on adding this significant fleet of new-generation trains to its rolling stock portfolio.”

Hitachi was advised by a team from Addleshaw Goddard led by Transport Sector Head Paul Hirst, who stated: 'We are very pleased to have supported Hitachi Rail Europe on this significant transaction and first order of its high speed AT300 product following the successful close of the Intercity Express Programme. These are exciting times for HRE and we are proud to be playing a part in its continuing success.'

Key contact

Brioney Thomas

Brioney Thomas Partner

  • Asset Finance and Asset Backed Lending
  • Commercial
  • Rail

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