Rail finance legal experts
Norton Rose told to ‘put down their pens’ in run-up to general
election.
Go deeper with GlobalData
International legal practice Norton
Rose has been involved in various rail finance projects globally,
including advising Porterbrook in respect of passenger rolling
stock for UK operator Southern Railways, valued at more than
£800m.
The company also has a team specifically
dedicated to advising on rail finance and rolling stock supply,
consisting of numerous key staff in offices in around the
world.
Gordon Hall, a banking partner in the London
office, said: “In the UK, existing rolling stock is pretty well
fully used.
“There is a fairly sophisticated way of moving
rolling stock around the country between franchises to make sure it
is used most efficiently.”
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By GlobalDataAnd, although he and partner Tom Johnson have
observed a “continuing strong rosco presence” in the UK, both said
other financiers were looking to enter the market.
Johnson said: “It is fair to say that over the
last couple of years, more and more financiers have started to
become interested in rolling stock, I think because they regard it
as a relatively stable sector compared to others.”
The recent UK election, Hall added, has also
had an impact as companies “stalled” on going ahead with
transactions in the run up to the May ballot.
He said: “We were basically asked to put our
pens down in the six weeks before the election. There were several
transactions which did not proceed.”
The impact of the emergency budget on 22 June,
not known at time of writing, will also be of significance, Johnson
said, as it sets out exactly how much the Department for
Transport’s funding will suffer.
He said: “The question is whether the Budget
is going to say anything meaningful about rail, or whether it will
be deferred until later.”
