Thameslink (Cross London Trains)

This is a rolling stock leasing project with 115 Siemens class 700 Desiro trains and two associated depots for the Thameslink railway. Revenues are generated through the lease of the rolling stock to the operator. The project benefits from a usage guarantee from the Department for Transport (DfT) until 2035.

The DfT is the counterparty to the PFI contract. The Thameslink railway franchise is currently operated by Govia Thameslink Railway. Siemens is contracted for the manufacture and maintenance of the trains, which it does from the two depots – one at Hornsea and the other at Three Bridges.

The Equitix shares were purchased in the secondary market after trains had entered service. Equitix has a one-third stake in the underlying project, held jointly with Dalmore. The other two-thirds is owned by Siemens and Innisfree (one-third each).