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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

Image from within airport of aeroplane landing

News: 29 November 2023

Allen & Overy advises on new senior secured term loan of EUR 360 million granted to Azzurra Aeroporti

Azzurra Aeroporti S.p.A. has entered into a new senior secured term loan facility of EUR360 million, expiring in May 2027, with extension options up to January 2029. The purpose of the facility is to…

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Publications: 23 November 2023

Avoiding disputes in projects aimed at reducing emissions

The Middle East’s ambitions for achieving Net Zero mean there is a wealth of opportunity for projects aimed at reducing carbon emissions. However, these projects will require careful navigation of the…

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Close up plug power vehicle electric EV car charge battery energy in the station.

Publications: 14 November 2023

Allen & Overy’s Jillian Ashley discusses EV sales growth rate and consumer incentives with MarketWatch

Allen & Overy U.S. Projects, Energy, Natural Resources and Infrastructure (PENRI) partner Jillian Ashley is featured in a MarketWatch SectorWatch video series discussing the reasons behind the…

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Rail road

Publications: 26 October 2022

Public rail in Indonesia

The regulatory overview of railway business in Indonesia including the type of public rail, implementing business entity, rail infrastructure, facilities, capital and foreign ownership, and tariff.

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