KfW IPEX-Bank finances NACCO/CIT transaction of Aves One
News from 2018-10-05 / KfW IPEX-Bank
• Aves One freight car portfolios doubled to around 8,900 freight cars
• Future investments to focus on rail assets
Aves One AG, a rapidly expanding investor in logistics assets, has successfully concluded the NACCO/CIT Group transaction by acquiring 100% of NACCO Luxembourg S.a.r.l. with around 4,400 freight cars. The transaction is largely financed by KfW IPEX-Bank. Three professional pension funds are also financing the transaction.
With the acquisition of around 4,400 freight cars from the NACCO Group, Europe's fourth-largest private freight car lessor to date, Aves One has doubled the number of freight cars to around 8,900. As a result of the transaction, the asset volume of EUR 750 million planned for 2018 has already been significantly exceeded. The company is thus continuing to pursue dynamic growth. The established Swiss freight car lessor Wascosa AG, which according to its own statements is one of the four largest freight car lessors in Europe with the transaction, will assume responsibility for the management of the around 4,400 newly acquired freight and tank cars from Aves One and integrate them into its fleet as a cooperation partner and asset manager once the transaction is completed. The remaining approximately 11,000 freight cars will remain with the NACCO Group, which in turn will be taken over by VTG AG, one of Europe's leading wagon hire and rail logistics companies.