Touax subsidiary Touax Rail Limited entered into a definitive agreement under which it took over the management of approximately 2,000 freight wagons previously owned by GE Rail Services.

The transaction consists of freight wagons which are complementary to wagons already managed by Touax, including hopper cars for the transportation of aggregate, flat cars for the transportation of steel coils, intermodal wagons for containers and trailers, open box cars and sliding walls wagons for the transport of palletized and white goods.

“This transaction increases the wagon fleet under Touax management by 23%, establishes its position in the United Kingdom and strengthens continental Europe,” said Fabrice Walewski, managing partner of Touax. “The addition of this fleet enables Touax to offer a larger diversification of wagons to better serve transport and logistics operators as well as industrial customers. Our clients will benefit from the operational and technical expertise of an enlarged team comprising TOUAX and former GE Rail Services staff.”

The wagons have been acquired and financed by a consortium of investors through a special purpose company. Acquisition debt financing was provided by ING Bank and DVB Bank as mandated arrangers with ING Bank serving as agent and security trustee.

Touax Group leases out tangible assets (shipping-containers, modular buildings, freight railcars and river barges) on a daily basis to more than 5,000 customers throughout the world, for its own account and on behalf of third party investors.