BeNEX

As at 30 June 2025, BeNEX had concession agreements with 14 of the 16 German federal states, providing c.65m train km of transportation services per annum. 

• 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.70m train km in 10-15 tenders p.a.