TfL completes sale and leaseback of Elizabeth line trains

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345 Rail Leasing Consortium is the new owner of the Elizabeth line’s Class 345 trains after completing a purchase and leaseback with Transport for London.

As a result approximately £1 billion of capital will be released to TfL, which will be reinvested in London’s transport network, including the delivery of a new fleet of Piccadilly line trains.

TfL also has the option to purchase the fleet back from the 345 Rail Leasing Consortium – Equitix Investment Management, NatWest and SMBC Leasing – at the end of the initial lease term.

Since June 2017, the Class 345 trains have been gradually introduced on TfL Rail services between Liverpool Street and Shenfield, as well as between Paddington and Hayes & Harlington since May 2018.

Crossrail is currently carrying out dynamic testing of the Elizabeth line to make sure all the railway’s systems are safe and reliable. Train testing is also being carried out.