DIF Capital Partners is pleased to announce that it signed an agreement with Wascosa, a leading asset manager of freight wagons, to divest its portfolio consisting of 564 rail freight wagons (“Rota Rail II”). Closing of the transaction will occur in tranches in the first half of 2023. The assets are an investment of DIF’s core-plus CIF I fund.
DIF acquired and grew the portfolio to its current size between 2019 and 2021, and upgraded some of the railcars to ensure their compliance with the highest safety standards. The portfolio proved to be resilient throughout COVID and continued to perform well, despite an uncertain political and macroeconomic environment.
Andrew Freeman, partner and Head of Exits at DIF Capital Partners commented: “We have taken the opportunity to make an early sale in the fund life of DIF CIF I by tapping into the favourable market for high quality European rail cars. The sale will generate attractive returns for CIF I investors, and further demonstrates the strong CIF fund strategy. We have highly appreciated the good working relationship we have had with Wascosa during our period of ownership.”
CMS acted as legal and tax advisor to DIF.
About DIF Capital Partners
DIF Capital Partners is an independent infrastructure fund manager, with more than EUR 15 billion of AUM. The company was founded in 2005 and has built a leading position in managing mid-market investments, primarily in Europe, North America and Australia.
DIF follows two fund strategies: its traditional DIF funds, of which DIF VII is the latest fund in the series, invest in lower risk mid-sized infrastructure projects and companies in the energy transition (incl. renewables) and utilities sector, as well as PPPs and concessions. The firm’s CIF funds invest in small to mid-sized companies that will thrive in the new economy. These companies are typically active in the digital, energy transition and sustainable transportation sector.
With a team of over 200 professionals in 11 offices, DIF Capital Partners offers a unique market approach combining global presence with the benefits of strong local networks and investment capabilities. DIF is located in Amsterdam (Schiphol), Frankfurt, Helsinki, London, Luxembourg, Madrid, New York, Paris, Santiago, Sydney and Toronto.
For more information please visit www.dif.eu.
Contact: Diederik Heinink, d.heinink@dif.eu
About Wascosa
Wascosa is one of the largest rail freight wagon rental companies in Europe. Based in Lucerne, it was founded in 1964 and is one of the industry pioneers in freight wagon rental. Its core business is the leasing and management of freight wagons for use in rail transportation throughout Europe.
Today, Wascosa has a highly diversified fleet of over 15,000 wagons ranging from tank wagons for the chemical and oil industries to container and pocket wagons for intermodal transport, as well as wagons for transporting bulk goods and for use in infrastructure construction.
Wascosa is also home to the highly acclaimed flex freight system® which is a modular wagon concept developed by the company’s own engineers. Wascosa’s biggest customers include petroleum and chemical groups, industrial and logistics companies, but also private and state railway companies.
Over 100 employees work from its offices in Lucerne, Hamburg, Hull (UK), Madrid and Milan, serving national and international customers alike.
About Rota Rail II
Rota Rail II is a portfolio of 564 rail freight wagons. The cargo wagons are leased out to major railway operators, logistics firms and industrial companies. Commercial and technical management for the wagons had been secured under an operational Asset Management Agreement for the next 20 years, with the railcar operators covering the statutory maintenance and operational obligation under German regulation.
