Centrus advises Northern on successful lease financing of two new fleets of trains
Arriva Rail North Limited, became the new rail operator for Northern on 1 April 2016, marking the start of a nine-year franchise that will transform travel through a £1 billion investment in the largest rail network outside London.
Centrus acted as financial adviser to Arriva Trains on a contract for new diesel multiple units and electric multiple units for the new Northern Rail franchise. Centrus ran the competitive tender for the financing of the new rolling stock and then advised Arriva throughout the negotiation and closing of the transaction documents.
The order comprises 31 three-car and 12 four-car electric multiple-units, and 25 two-car and 30 three-car diesel multiple-units manufactured by CAF is valued at around £490m. The 160 km/h units will be part of CAF’s Civity family, and all are scheduled to enter service by December 2018.