No Content Set
Exception:
Website.Models.ViewModels.Components.General.Banners.BannerComponentVm

About us
Amber is a leading international investment manager. For over 15 years, we have mobilised capital into essential, responsible infrastructure.

At a glance

Leadership

International presence

History and awards

What we do
We source, finance and manage infrastructure assets for both the public and private sectors, applying an integrated approach throughout the lifecycle of each investment.

Our business

Investment principles

Source: Investment origination

Finance: Fund management

Manage: Asset management

Sectors
Amber develops and invests across a wide range of infrastructure sectors, each characterised by a long-term investment horizon and robust, creditworthy counterparties.

Our infrastructure portfolio

Social

Energy

Transport and Logistics

Digital

Other

Case studies

Funds
Amber manages or advises eight funds with over £5 billion in funds under management. With a presence across 12 countries, Amber manages 175 infrastructure investments representing total assets under management of £14 billion.

Our investment funds

International Public Partnerships

US Solar Fund plc

Three Seas Initiative Investment Fund

National Digital Infrastructure Fund

Scottish Partnership for Regeneration in Urban Centres

The Mayor of London's Energy Efficiency Fund

The Green New Deal Fund

London Energy Efficiency Fund

Sustainability
As long-term investors, we recognise the need to consider how a changing world could impact our core business activities and investments.

Approach

Amber Horizons

SDG contribution

Reports and policies

News and insights
View our latest press releases and insights on key topics from across the business.

Press releases

Insights

People
Our people are essential to our success. We are committed to building exceptional teams, maintaining our unique entrepreneurial spirit, and building a culture that is inclusive and impactful.

Overview

Our values and purpose

Diversity, Equality and Inclusion

Opportunities at Amber

Contacts
Get in touch with us.

Contact us

Our offices

Investor and media contacts

Projects

BeNEX

Transport and Logistics

BeNEX is a key player in the German Local Public Passenger Transportation (‘LPPT’) market and acts as an investor in both rolling stock as well as train operating companies (‘TOCs’), which themselves operate rail franchises across Germany.

Sector
Transport and Logistics
Location
Various, Germany
Status
Operational
Equity ownership
100%
Financial closes
August 2007 (49%)
July 2019 (51%)
Term length
Various

About

BeNEX was established in 2007 as a joint venture between INPP and Hamburger Hochbahn AG, a subsidiary of the Federal State and City of Hamburg, but has been wholly owned by INPP since July 2019.

Concession agreements

0

as at 30 June 2024

As at 30 June 2024, BeNEX had 12 concession agreements with 13 of the 16 German federal states, providing c.48m train km of transportation services per annum. This is further contracted to increase to c.49m train km within the next six months.

Revenue generation

c.€ 0 m

BeNEX leases trains to its TOCs typically for a period matching the underlying operating concession term, typically 10-15 years with a 2–3 year preparation period to cover vehicle procurement.

The company owns more than 120 passenger trains, employs around 1,900 people and generates revenues of c.€362 million.

Visit the website

Timeline

Benefits delivered

Growth of Revenue since initial investment (2007)

0 %

Passengers transported 2023

c. 0 m

CO2 emissions avoided 2023

c. 0 k tons

Compared to a corresponding use of cars by passengers

Why we invested

Our strategic partnership with BeNEX highlights INPP's commitment to investing in resilient and sustainable transportation infrastructure within economically robust regions like Germany.

BeNEX close up train in platform
  • Strategic Positioning: A unique opportunity to invest in a developing infrastructure market, due to the liberalisation of Germany’s LPPT sector following the railway reform of 1994
  • Resilient Business Model: A long-term, concession-based business on behalf of the public sector combined with infrastructure characteristics such as inflation linkage, limited demand risk and high barriers to entry
  • Geographic Diversification: Strengthens our portfolio by making further investments in Europe 
  • Sustainability: As a naturally low-carbon mode of transport, rail plays a key role in the EU's plan to make Europe the first climate-neutral continent by 2050
  • Pipeline Growth: Significant opportunity for continued expansion in a highly regulated and growing market. Following EU law, almost all LPPT concessions are subject to mandatory EU tendering resulting in c.65m train km in 10-15 tenders p.a.
Sustainable Development Goals (SDGs)

2030 Agenda for Sustainable Development adopted by UN Member States in 2015

SDGs supported:

SDG contribution

Outcomes

BeNEX provides INPP a comprehensive avenue to deliver robust financial returns while positively influencing Germany's transportation sector and broader community.

  • Significant Growth: Tripling of train km service volume and sextupling of revenues since our initial investment in 2007
  • Passenger Impact: Sixfold increase in the number of passengers transported, and passenger km operated since 2007
  • Partnerships: Established relationships with nearly all 16 Federal States in Germany
  • Asset Stewardship: Our active shareholder role has led to sustainable development and a favorable position to acquire the remaining shares at attractive terms following 12 years of joint ownership
  • Focused Management: Close cooperation with management resulted in the divesture of non-preferred business segments and a focus on profitable growth of rail operations, including the re-win of expiring concessions to date

Related

All case studies

No Content Set
Exception:
Website.Models.ViewModels.Blocks.SiteBlocks.CookiePolicySiteBlockVm