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Close view of train tracks
Close view of train tracks


Our rail team has wide-ranging experience of domestic and cross-border rolling stock procurement, leasing, maintenance and portfolio acquisition transactions both in the passenger and the freight sectors, advising both train operating companies and rolling stock companies.

The rail sector has seen significant change over recent years. This includes the liberalisation and reorganisation of the rail industry in a number of key jurisdictions, the development of high speed rail links, the need for new rolling stock and the growth of light rail projects.

Allen & Overy has a first rate Rail practice, which has extensive experience advising on pioneering and complex rail transactions globally. With a thorough knowledge of trends and developments in the market, our team of rail experts are continuously involved in every aspect of this changing industry.

Acting for rolling stock companies, lessors, project sponsors, financiers, train operating companies, regulatory bodies, manufacturers, investors and government authorities, the practice covers rail from every perspective and brings a measured and commercial approach to the sector.

We are one of the few firms capable of advising our clients across the whole range of rail transaction types and are unique in being able to advise in each of these product areas with the same depth of expertise. This breadth of expertise, when coupled with the commercial approach we take to transactions, ensures we are able to provide our clients with one of the most experienced rail teams operating in the market.

Key experience

Hitachi Rail

Hitachi Rail on the agreement to transfer Alstom’s business activities related to Bombardier Transportation’s contribution to the V300 ZEFIRO very high-speed train to Hitachi Rail.

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Jerusalem Light Rail PPP

The lenders on the Jerusalem Light Rail PPP Expansion project, comprising of construction of 27 kilometres of new track, 53 new stations and various depots covering the entire stretch of the current Red Line (6.8 kilometres) and the construction of the new Green Line which is 20.6 km long.

Metro Line 9

The lenders on the EUR725.6m PPP refinancing of the development of section 2 Metro Line 9 in Barcelona, Catalonia, Spain.

Beacon Rail and Ermewa

Lineas, the largest private rail freight company in Europe on landmark partnerships with Beacon Rail and Ermewa through sale-and-leasebacks of part of its rolling stock.

Moroccan tramway lines

International Finance Corporation on a USD100m loan package for the subnational government of Casablanca-Settat’s infrastructure projects in Morocco – including the construction of two new tramway lines and an upgrade of rural roads.

Angel Trains

APG, a Dutch pension fund, on the acquisition of a 20.9% stake in Alpha Trains from AMP Capital and (ii) the disposal of a proportion of its existing indirect interest in Alpha Trains held via Arcus European Trains SCSp managed by Arcus European Investment Manager LLP to HarbourVest, PGB and a third (publicly undisclosed) investor.


“They are experienced in the rail industry and are always commercial and responsive.”

Chambers and Partners UK-wide 2022 – Transport: Rail

Best Transport Acquisition (Rolling Stock)

Alpha Trains – Infrastructure Journal Investor Awards 2020

European Rail Deal of the Year 2019

Beacon Rail – Project Finance International 2020

News and insights

A charging dock for an electric vehicle

News: 27 June 2022

A&O advises on financing for InstaVolt’s rapid EV charging infrastructure

Allen & Overy has advised a consortium of lenders on the GBP110 million senior debt financing for InstaVolt, which will support the growth and development of its rapid electric vehicle (EV) charging…

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Image of airport passengers waiting at gate

News: 23 June 2022

Allen & Overy advises on the USD9.5 billion transaction for new terminal one at JFK Airport, the largest single-asset project financing in U.S. history

Allen & Overy (A&O) advised Carlyle, JLC Infrastructure, Ullico and Ferrovial (the consortium) on the USD9.5 billion transaction for developing, constructing and operating the new terminal one at John…

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Aerial view of complex road infrastructure

News: 15 June 2022

Allen & Overy advises on GIP’s investment in the Pedemontana Veneta toll road

Allen & Overy advised on Global Infrastructure Partners’ (GIP) holdco financing investment in Superstrada Pedemontana Veneta (Pedemontana Veneta), a 96 kilometer greenfield toll road project in the…

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How EasyMile is tackling the under-30mph market and the impact of the pandemic on the autonomous vehicle industry

Publications: 14 June 2022

Webinar: The landscape of the autonomous vehicle market

The inaugural program in Berkeley Center for Law & Technology’s (BCLT) Autonomous Vehicle (AV) Series in partnership with A&O provides listeners an overview of the current state of the industry.

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