large-scale financing package of €1.52bn bringing together a diversified group of banks and institutional lenders
MEAG - MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH
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MEAG, acting on behalf of Munich Re and third-party institutional investors, has participated in the refinancing of Akiem, Continental Europe’s leading locomotive leasing company to rail freight operators. Through this transaction investors gained access to Akiem’s established debt financing platform, supporting the continued development and modernization of the company’s pan-European locomotive fleet.
Large-scale financing package of institutional investors
The refinancing comprises a large-scale financing package of €1.52bn, bringing together a diversified group of banks and institutional lenders. The financing provides Akiem with long-term funding and supports its ongoing investment program.
Akiem operates one of the largest and most diversified locomotive fleets in Continental Europe, with more than 770 locomotives and over 40 multiple units deployed across key European rail corridors, predominantly consisting of modern electric locomotives. The fleet is characterised by a young overall profile and is subject to ongoing and continuous modernisation programmes, ensuring that assets remain technically up to date and aligned with customer needs. This active fleet management enables Akiem to respond to increasing demand in a growing European locomotive leasing market, including the expansion of cross-border and multi-system operations.
Infrastructure debt platform
The transaction enables MEAG investors to participate in a mature and well-established infrastructure debt platform with a strong operating track record and stable long-term cash flows. By providing debt financing for rail freight and passenger transport, the platform also helps to support the overarching EU objectives of increasing the modal shift from road to rail, thereby contributing to the gradual decarbonisation of the transport sector as a whole.
The transaction marks another strong team success within MEAG. The investment enables our investors to enter the attractive and growing European locomotive leasing market through a well-established platform.
Isil Tanriverdi Versmissen, Head of Infrastructure Debt Transactions at MEAG
We are pleased of MEAG’s participation in this refinancing which underscores the robustness and relevance of Akiem’s debt financing platform. It reflects our ability to attract long-term institutional investors in support of our growth and fleet investment strategy.
Renato Delussu, Akiem CFO
Akiem is one of the leading European providers of services to rail operators, manufacturers, and local authorities. The company offers a fleet of over 770 locomotives and 42 passenger vehicles, as well as solutions covering the entire rolling stock value chain. Akiem has more than 100 customers and operates in 22 European countries. The majority of its 500 employees are based in France, Germany, Poland, Sweden, Italy, Hungary, and the United Kingdom.
Akiem has a complete industrial ecosystem, certified ECM (Entity in Charge of Maintenance), which relies on a pan-European network of workshops and significant inventories of spare parts for the maintenance of the rolling stock supplied to its customers.
Akiem is owned by La Caisse (Caisse de Dépôt et Placement du Quebec), a global investment group strongly committed to the development of low-carbon infrastructure.
For more information www.akiem.com
MEAG is the asset manager of Munich Re. With entities in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €368bn, €63bn of which for non-Group investors.
For more information www.meag.com
