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Author Topic: RoSCo changes hands  (Read 11622 times)
grahame
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« on: January 20, 2015, 12:54:54 pm »

Update - January 14th, 2022 - "On This Day" , 7 years ago, a major change of ownership of the trains on Great Britain's Railways.  I have followed up ((here)) at the end of this thread.

International Business Times

http://www.ibtimes.co.uk/uk-train-firm-eversholt-sold-hong-kongs-cki-2-5bn-1484279?

Quote
UK (United Kingdom) train firm Eversholt sold to Hong Kong's CKI for ^2.5bn
Hong Kong billionaire Li Ka-shing is behind CK Investments (CKI).

Eversholt Rail owns approximately 28% of the UK's passenger train fleet and had been under the consortium's ownership since 2010, according to the statement.

Who owns the other 72% these days?
« Last Edit: January 14, 2022, 10:19:48 pm by grahame » Logged

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ChrisB
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« Reply #1 on: January 20, 2015, 01:00:34 pm »

Ka-shing, or Ka-Ching? :-)
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paul7575
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« Reply #2 on: January 20, 2015, 01:22:38 pm »


Who owns the other 72% these days?


Angel Trains about 30%:

"In August 2008 Angel Trains was acquired by a consortium of investors from Australia, Canada, Luxembourg and the UK (United Kingdom)."

Porterbrook about 30%:

"...a global investment consortium comprised of Alberta Investment Management Corporation (^AIMCo^), Allianz Capital Partners (^ACP^) on behalf of certain insurance companies of the Allianz Group, EDF Invest and Hastings Funds Management (^Hastings^) (together the ^Consortium^)"

Also a mini-rosco called Voyager leasing owns the relevant fleet.

Basically, despite changing ownership a few times, the three main Roscos have about 30% each and that has been fairly consistent over a 20 year period.
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LiskeardRich
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« Reply #3 on: January 20, 2015, 11:38:21 pm »

And doesn't Fgw own some of its fleet to make up a small percentage?
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ChrisB
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« Reply #4 on: January 21, 2015, 08:41:23 am »

Five (?) HSTs (High Speed Train) I think
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Rhydgaled
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« Reply #5 on: January 21, 2015, 09:05:57 am »

And doesn't Fgw own some of its fleet to make up a small percentage?
Not FirstGW itself but parent company First Group I believe.

I think the only TOC (Train Operating Company) that has ever actually owned stock under the actual operating company was ATW (Arriva Trains Wales (former TOC))'s mrk2 stock, most of which hardly saw any use before they finally sold them all to one of the charter train firms.
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grahame
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« Reply #6 on: January 21, 2015, 09:16:06 am »

And doesn't Fgw own some of its fleet to make up a small percentage?
Not FirstGW itself but parent company First Group I believe.

I think the only TOC (Train Operating Company) that has ever actually owned stock under the actual operating company was ATW (Arriva Trains Wales (former TOC))'s mrk2 stock, most of which hardly saw any use before they finally sold them all to one of the charter train firms.

I think South West Trains own the units which operate on the Island Line.    And there's also another (parent company, though?) setup with Grand Central and the HSTs (High Speed Train) they run?
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« Reply #7 on: January 21, 2015, 09:26:39 am »

And Chiltern and their Mk3's....
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JayMac
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« Reply #8 on: January 21, 2015, 12:01:09 pm »

The three investment funds that bought Eversholt in 2010, 3i, Morgan Stanley, Star Capital, have realised a huge profit on their purchase. With debt restructuring it comes in at around ^700 million. They picked up an absolute bargain when HSBC were forced by HMG to have a fire sale due to the banking crisis. Just think what lovely shiny new rolling stock that ^700 million could have bought. But then the investment funds were only out to make a quick buck. Never any intention on their part of a ling term strategy to invest and remain in charge. Trebles all round.  Roll Eyes Sad

Lets just hope the new owner has a long term plan for the business. With his links to China we might finally see some competitively priced rolling stock heading to the UK (United Kingdom). Hopefully not procured in the same way as IEP (Intercity Express Program / Project.) was.
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grahame
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« Reply #9 on: January 21, 2015, 01:14:59 pm »

The ASLEF» (Associated Society of Locomotive Engineers and Firemen - about) view - they make the profit on the deal just ^358 million !!!

http://www.aslef.org.uk/information/141986/trains_should_be_assets_not_commodities/

Quote
It was revealed yesterday that Eversholt Rail, one of the three rolling stock companies which owns around 28% of the UK (United Kingdom)^s fleet of passenger trains has been sold to a Hong Kong based company CK Investments for ^2.5 billion. CK Investments currently controls Northumbrian Water and mobile phone network Three. 3i Infrastructure who currently own Eversholt Rail along with investors Morgan Stanley and STAR Capital stand to make around ^358 million from the deal.

ASLEF General Secretary Mick Whelan said ^the news that Eversholt Rail is to be sold by one group of investors to another group of investors is a brutal reminder that the trains in Britain^s privatised railways are commodities not assets. CK Investments see an investment opportunity while millions of passengers across the UK rail network have had to endure rolling stock which is, on average, 40 years old.^

Mick added ^The Public Accounts Committee told us last week that the government has no long term strategy for the future of the rail industry. The UK rolling stock market is the greatest failure of rail privatisation and the sale of Eversholt Rail to yet another international investor who will profit from the British public purse demonstrates this scandalous situation is alive and well.^

The "40 years average age" surprises me - I would have gone for more like 20 years, though I know the figure's much higher in the FGW (First Great Western) area - http://www.parliament.uk/briefing-papers/SN03146.pdf backs me up
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ChrisB
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« Reply #10 on: January 21, 2015, 01:20:19 pm »

Mick talking out of his a**e again
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« Reply #11 on: January 21, 2015, 03:11:44 pm »

Along with the ^358m profit, the investment funds also benefitted from the debt restructuring to the tune of ^300 million. That's if I read The Times right this morning. The Times did get their millions and billions mixed up though. Saying The investment funds had paid HSBC ^2.1 million.
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« Reply #12 on: January 21, 2015, 07:03:12 pm »

If you want to be make serious money in the railway industry you need to be in the business of leasing trains.  Remember the assets were bought for ^518m in 1996 from the DfT» (Department for Transport - about).

http://www.cityam.com/207520/hong-kong-billionaire-li-ka-shing-buys-eversholt-rail-25bn
« Last Edit: January 21, 2015, 07:08:34 pm by a-driver » Logged
Red Squirrel
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« Reply #13 on: January 21, 2015, 07:31:08 pm »

That looks like about 8% yield over 19 years, which isn't too bad but they could have done better investing in property...
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« Reply #14 on: January 21, 2015, 08:44:30 pm »

Mods,

I would think this belongs in the 'RoSCo changes hands' thread...

...to avoid confusion!
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