BeNEX

As at 30 June 2023, BeNEX had 11 concession agreements with 13 of the 16 German federal states, providing c.43m train km of transportation services per annum via the six TOCs it is invested in. This is further contracted to increase to 12 concessions with a total of c.49m train km within the next 18 months.

• 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.