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7 February 2023  |  London

DIF Capital Partners divests portfolio of rail freight wagons

DIF Capital Partners is pleased to announce that it signed an agreement with Wascosa, a leading asset manager of freight wagons, to divest its portfolio consisting of 564 rail freight wagons (“Rota Rail II”). Closing of the transaction will occur in tranches in the first half of 2023. The assets are an investment of DIF’s core-plus CIF I fund.

DIF acquired and grew the portfolio to its current size between 2019 and 2021, and upgraded some of the railcars to ensure their compliance with the highest safety standards. The portfolio proved to be resilient throughout COVID and continued to perform well, despite an uncertain political and macroeconomic environment.

Andrew Freeman, partner and Head of Exits at DIF Capital Partners commented: “We have taken the opportunity to make an early sale in the fund life of DIF CIF I by tapping into the favourable market for high quality European rail cars. The sale will generate attractive returns for CIF I investors, and further demonstrates the strong CIF fund strategy. We have highly appreciated the good working relationship we have had with Wascosa during our period of ownership.”

CMS acted as legal and tax advisor to DIF.

 

About DIF Capital Partners

DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 billion of AUM. The company was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.

DIF follows two fund strategies: its traditional DIF funds, of which DIF VII is the latest fund in the series, invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.

With a team of over 200 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.

For more information please visit www.dif.eu.

Contact: Diederik Heinink, d.heinink@dif.eu

About Wascosa

Wascosa is one of the largest rail freight wagon rental companies in Europe. Based in Lucerne, it was founded in 1964 and is one of the industry pioneers in freight wagon rental. Its core business is the leasing and management of freight wagons for use in rail transportation throughout Europe.

Today, Wascosa has a highly diversified fleet of over 15,000 wagons ranging from tank wagons for the chemical and oil industries to container and pocket wagons for intermodal transport, as well as wagons for transporting bulk goods and for use in infrastructure construction.

Wascosa is also home to the highly acclaimed flex freight system® which is a modular wagon concept developed by the company’s own engineers. Wascosa’s biggest customers include petroleum and chemical groups, industrial and logistics companies, but also private and state railway companies.

Over 100 employees work from its offices in Lucerne, Hamburg, Hull (UK), Madrid and Milan, serving national and international customers alike.

www.wascosa.com

About Rota Rail II

Rota Rail II is a portfolio of 564 rail freight wagons. The cargo wagons are leased out to major railway operators, logistics firms and industrial companies. Commercial and technical management for the wagons had been secured under an operational Asset Management Agreement for the next 20 years, with the railcar operators covering the statutory maintenance and operational obligation under German regulation.

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6 September 2022  |  Schiphol

Willem Jansonius in Mid Market Roundtable | Infrastructure Investor September 2022

The magic of the mid-market.

In the 2022 edition of the Infrastructure Investor Mid Market Roundtable DIF’s Head of CIF Willem Jansonius explains why the mid market is such an interesting part of the infrastructure space, continuing to offer highly attractive investment opportunities for the DIF strategies.

To read the complete article, please open Willem Jansonius in Mid Market Roundtable (September 2022)

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5 September 2022  |  Sydney

DIF Capital Partners to acquire Rail First, Australia’s leading rail freight leasing company

DIF Capital Partners (“DIF”), through its DIF Core-plus Infrastructure Fund III (“CIF III”), and Amber Infrastructure Group are pleased to announce they have signed an agreement to jointly acquire Rail First (the “Company”), the leading Australian rail freight leasing company, on a 50-50 basis, from Anchorage Capital Partners.

Rail First offers leasing solutions for rolling stock such as locomotives, as well as intermodal and hopper wagons. The Company’s leasing offering is supported by a growing locomotive and wagon maintenance operation. Rail First has a blue-chip customer base, reflecting a meaningful proportion of Australia’s haulage task, with a well-diversified underling product mix. Typical leases are for 3-5 years, aligning with the underlying haulage contracts. The strength of the Company’s resilient business model was demonstrated during COVID-19, when major intermodal volumes remained steady. Rail First has strong barriers to entry and is expected to benefit from several long-term tailwinds, including the Inland Rail project between Melbourne and Brisbane once operational. Rail First will drive the transition towards lower emission intensity transport offerings, with a proven ESG track record and several long-term initiatives in place.

Willem Jansonius, Partner and Head of Investments for the DIF CIF strategy, said “DIF is delighted to invest in Rail First, as it provides unique access to Australia’s attractive rail leasing market. The Company is well positioned to partner and grow with its customers. We look forward working together with the Company’s experienced management team to offer more environmentally friendly leasing solutions to the Australian rail market.”

Mark Kirkpatrick, CEO of Rail First, added: “We are excited to partner with DIF, given their successful track record of rail and infrastructure investments, globally and in Australia. Their prior experience combined with significant capital commitment to fund our continued growth places Rail First in a strong position to grow alongside our customers.”

The transaction is subject to approval by Australia’s Foreign Investment Review Board. The transaction is expected to close by end-October 2022.

About DIF Capital Partners

DIF Capital Partners is a leading global independent investment manager, with ca. EUR 14 billion in assets under management across eleven closed-end infrastructure funds and several co-investment vehicles. DIF invests in infrastructure companies and assets located primarily in Europe, the Americas, and Australia through two complementary strategies:

  • DIF CIF funds, of which DIF CIF III is the latest vintage, target equity investments in small to mid-sized core-plus infrastructure companies in the telecom, energy transition, and transportation sectors.
  • Traditional DIF funds, of which DIF Infrastructure VII is the latest vintage, target core and build-to-core infrastructure equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and energy transition projects (incl. renewable energy).

DIF Capital Partners has a team of over 190 professionals, based in eleven offices located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney, and Toronto. For more information please visit www.dif.eu.

Contact: Thijs Verburg, t.verburg@dif.eu.

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19 April 2021  |  London

DIF Capital Partners agrees to sell a portfolio of European PPP assets to Equitix

DIF Capital Partners (“DIF”) is pleased to announce that DIF Infrastructure III (“DIF III”) and DIF Infrastructure IV (“DIF IV”) have agreed to the sale of their stakes in a portfolio of six European PPP assets to Equitix, a leading UK and European infrastructure fund manager.

The portfolio consists of shareholdings in a number of critical infrastructure projects that DIF invested into as primary transactions: A1/A6 Road, IJmond Sea Lock and N18 Road in the Netherlands; A7 Nord Road and Netz West Rolling Stock in Germany; as well as the KAV Vienna Hospital in Austria. With the exception of IJmond Sea Lock which is currently in the final stages of construction, all of the projects are operational under availability-based contractual structures that are backed by strong public counterparties.

Andrew Freeman, Head of Exits at DIF, said: “We are very pleased with the sale of this well diversified and optimised portfolio of North-Western European PPP assets which represents an attractive exit for our DIF III and DIF IV investors. We believe Equitix is an excellent counterparty and is perfectly positioned to manage the assets until maturity.”

Hugh Crossley, Chief Investment Officer for Equitix, said: “As we continue to diversify and grow our European portfolio, we are always looking out for attractive opportunities to acquire high-quality assets that meet our responsible investment criteria. The DIF portfolio does just this and will allow us to leverage our continental expertise for the benefit of investors in our European Infrastructure Fund.”

DIF was advised on the transaction by Cantor Fitzgerald and PwC (financial), Allen & Overy (legal), PwC (tax & accounting), as well as Atkins and Arup (technical).

Equitix was advised by CMS (legal), Deloitte (tax and accounting) and Arcadis (technical).

Closing of the transaction is subject to the receipt of customary approvals and consents.

About DIF Capital Partners

DIF Capital Partners is a leading global independent fund manager, with €8.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • Traditional DIF funds, of which DIF Infrastructure Fund VI is the latest vintage, target equity investments with long-term contracted or regulated income streams including public-private partnerships, concessions, utilities, and (renewable) energy projects.
  • DIF CIF funds target equity investments in small to mid-sized economic infrastructure assets in the telecom, energy and transportation sectors.

DIF Capital Partners has a team of over 160 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. For further information please visit www.dif.eu.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

 

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10 August 2020  |  Frankfurt

DIF Capital Partners to acquire a stake in European railcar leasing company Touax Rail

DIF Capital Partners (“DIF”), through its DIF Core Infrastructure Fund II (“CIF II”), is pleased to announce that it has signed an agreement to acquire a 49% stake from the Touax Group in Touax Rail Limited (“Touax Rail” or the “Company”), a leading European rail freight leasing company, via a capital increase of €81.9 million. The investment by CIF II will enable Touax Rail to accelerate the development of its long-term leasing activities of freight wagons.

Touax Rail is offering tailor-made and environmentally friendly solutions for leasing rail equipment such as intermodal, car carrying, hopper, box and tank wagons. Services offered comprise leasing, sale and maintenance of freight railcars. The Company has a fleet size of c. 6,930 owned platforms and c. 4,080 managed platforms. Touax Rail is fully certified to manage and maintain wagons used on the mainline railway tracks in Europe.

The transaction will strengthen the position of Touax Rail by increasing its capacity to grow and finance the needs of its customers. The capital increase will be primarily used to buy out minority shareholders and to finance the acquisition of new wagons.

Fabrice Walewski, CEO of Touax Group, said: “We are very delighted to have DIF Capital Partners as partner to accompany the development of our long-term leasing activities of freight wagons. With this transaction, Touax Rail will strengthen its position in the market.”

Carl Jobst von Hoersten, partner and head of DIF Germany added: “This transaction is a unique investment providing exclusive access to the attractive railcar market. Touax Rail is a well-established, asset heavy railcar platform with a robust and resilient business model which is well-positioned for growth. We look forward working together with Touax Rail’s highly experienced management team to further grow the platform.”

The transaction is subject to approval by the German antitrust authorities. Parties expect to close the transaction by the end of September.

About Touax Group

Touax Group leases out tangible assets (freight railcars, river barges and containers) on a daily basis throughout the world, for its own account and on behalf of third party investors. With €1.2 billion under management, Touax Group is one of the European leaders in the operational leasing of this type of equipment. For more information: www.touax.com

About DIF Capital Partners

DIF Capital Partners is a leading global independent infrastructure fund manager, with €7.5 billion of assets under management across nine closed-end infrastructure funds and several co-investment vehicles. DIF Capital Partners invests in greenfield and operational infrastructure assets located primarily in Europe, the Americas and Australasia through two complementary strategies:

  • DIF CIF funds target equity investments in small to mid-sized infrastructure assets in the telecom, energy and transportation sectors.
  • DIF Infrastructure funds target equity investments in public-private partnerships (PPP/PFI/P3), concessions, utilities and renewable energy projects with long-term contracted or regulated income streams.

DIF has a team of over 145 professionals, based in nine offices located in Amsterdam (Schiphol), Frankfurt, London, Luxembourg, Madrid, Paris, Santiago, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact: Thijs Verburg, IR & BD; t.verburg@dif.eu.

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1 July 2019  |  Sydney

DIF consortium reaches financial close on Australian Cross River Rail PPP

DIF is pleased to announce that the PULSE consortium, comprising DIF Infrastructure V, Pacific Partnerships, BAM PPP PGGM and Ghella Investments & Partnerships, has reached financial close on the Tunnel, Stations & Development PPP package of the Cross River Rail project in Brisbane, Australia.

Cross River Rail is South East Queensland’s largest infrastructure project, with the consortium delivering the design, build, finance and maintenance of a new 10.2km rail line connecting the north and south of Brisbane, including twin 5.9km tunnels under the Brisbane River and central business district. The availability-based PPP package also includes the delivery of four new underground stations and maintenance works that will be provided for 24 years.

Design and construction works will be undertaken by CPB Contractors, BAM International, Ghella and UGL. In addition, UGL will be responsible for maintenance services. Construction is expected to commence later this year.

The State Government is providing a A$5.4 billion capital contribution for the construction of the project.

Marko Kremer, Partner and DIF’s Head of Australasia added: “DIF is excited to work with the Cross River Rail Delivery Authority to deliver Queensland’s highest priority infrastructure investment. This landmark project is truly city-changing and will enable higher frequency and better connected public transport across the network and unlock critical capacity on Brisbane’s constrained rail network, improving passenger comfort and service reliability.”

About DIF

DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America, South America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 120 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact: Allard Ruijs, Partner; a.ruijs@dif.eu.

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12 April 2019  |  Sydney

DIF consortium selected as preferred bidder for Australian Cross River Rail PPP

DIF is pleased to announce that the PULSE consortium, comprising DIF Infrastructure V, Pacific Partnerships, BAM PPP PGGM and Ghella Investments & Partnerships, has been selected as preferred bidder on the Tunnel, Stations & Development PPP package of the AUD 5.4 billion Cross River Rail project in Brisbane, Australia.

The availability based public private partnership contract with the Cross River Rail Delivery Authority includes the design, build, finance and maintenance of a new 10.2km rail line connecting the north and south of Brisbane, which includes twin 5.9km tunnels under the Brisbane River and central business district. The PPP package also includes the delivery of four new underground stations and maintenance works that will be provided for 24 years.

Design and construction works will be undertaken by CPB Contractors, BAM International and Ghella. UGL will be responsible for mechanical and electrical works, as well as the maintenance services.

Marko Kremer, Partner and DIF’s Head of Australasia added: “DIF is excited to be working with the Cross River Rail Delivery Authority to deliver Queensland’s highest priority infrastructure investment. This landmark project is truly city-changing and will enable higher frequency and better connected public transport across the network.”

About DIF

DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has a team of over 120 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.

Contact:
Allard Ruijs, Partner
Email: a.ruijs@dif.eu

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24 September 2018  |  Schiphol

DIF consortium selected as preferred bidder for Belgian Liege tram PPP

DIF is pleased to announce that the Tram’Ardent consortium has been announced preferred bidder for the availability based public-private partnership contract, involving the design, financing, construction and maintenance of the first tramway line in Liège, Belgium. The consortium consists of DIF Infrastructure V, together with its partners Colas Projects, Colas Belgium, Colas Rail Belgium and Spanish rolling stock manufacturer Construcciones y Auxiliar de Ferrocarriles (CAF). The authority partner is the Walloon Transport Operator.

With a total length of 11.7 km, 90% of which is in a reserved lane section, Liège’s first tramway line will serve 21 stations, connecting the Sclessin multimodal station, in the southwest of Liège, to the city of Herstal, in the northeast, via the high-speed train station and Saint Lambert Square.

The consortium is responsible for the design, financing, construction and maintenance of the tramway. The consortium will be in charge of the design and build of the electrified rail network, the creation of a maintenance and storage centre, and the development of 240,000 m² of surrounding urban space. CAF will, in particular, supply the rolling stock as part of the consortium. Closing is expected before the end of the year and construction is to be completed by the second half of 2022.

The consortium is advised by Natixis (financial) and DLA piper (legal).

About DIF

DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:

  • DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
  • DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.

DIF has over 100 professionals in eight offices, located in Amsterdam, Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please see www.dif.eu for further information on DIF.

For further information, please contact:

Paul Nash
Partner, Head of PPP/Infrastructure
Email: p.nash@dif.eu

Allard Ruijs
Partner, Head of Investor Relations and Business Development
Email: a.ruijs@dif.eu

Trams at a station
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