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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 & insights

Aerial view of a very busy road intersection

News: 25 January 2022

Allen & Overy advises on Autostrada A3 project bond and financing

Allen & Overy has advised JP Morgan and Santander as lenders under a bridge facility and bookrunners on a EUR518 million project bond issued by a special purpose vehicle denominated Salerno Pompei…

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News: 20 January 2022

Allen & Overy advises Knorr-Bremse AG on the conclusion of its first-ever syndicated loan in the amount of EUR 750m

Allen & Overy has advised Knorr-Bremse AG, the global market leader for braking systems and leading supplier of other safety-critical rail and commercial vehicle systems, on the conclusion of its…

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A train moving at high speed at night

News: 25 November 2021

A&O advises Europe’s largest private rail freight company on landmark partnerships

Allen & Overy have advised 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.

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Publications: 02 April 2020

Covid-19 coronavirus: Legal ramifications in asset finance

Financiers, lessees, borrowers and sponsors in the asset finance sector are feeling the detrimental impact of Covid-19 on their business. This note examines some of the legal issues faced by the…

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