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Due diligence support for the acquisition the Netz West rolling stock portfolio to Equitix

DIF (the “Seller”) was disposing their interests in a number of investments as part of a
portfolio sale of which one investment is an equity ownership in rolling stock operating the German regional passenger rail network called “Netz West” in Schleswig-Holstein. This includes amongst others 90 x railway coaches built in 2005 and also 15 x Traxx DE diesel locomotives build in 2015. The local Public Transport Authority NAH.SH issued a re-usage undertaking for a period of 20 years after which the owner will be responsible for the employment of these asset for the full remaining economic life.

Client's profile
Equitix is a leading global investor, developer, and long-term fund manager of core infrastructure assets. It has also delivered a predictable rate of deployment over 14+ years with now over 330 assets under management.

With Apex Rail’s support in the valuation of the Netz West fleet, Equitix was the successful bidder for the acquisition of the DIF portfolio. Apex Rail validated the assumptions and information provided by the Seller with respect to the contractual
arrangements under the lease, re-use undertaking, asset management agreement
with North Rail, quality, attractiveness, and remarket-ability of the rolling stock as well
as the analysis of the future lease rate post re-use undertaking (using a proprietary indifference pricing and asset valuation model), life protection and life extension possibilities etc.

Apex Rail was leading the commercial due diligence and advisory work
with respect to the Netz West fleet but may also work alongside other buyside
advisors including technical or legal advisors.

Markus Fröhlich

Managing Director in Apex Rail