AMP Capital and PSP Investments agree to the sale of their stakes in Alpha Trains

APG and PGGM Infrastructure Fund to become new shareholders in Alpha Trains

Alpha Trains today announced that AMP Capital, on behalf of investors in its global infrastructure equity platform, has agreed to the sale of its stake in Alpha Trains to APG, which already owns an indirect interest in Alpha Trains. In a separate transaction, the Public Sector Pension Investment Board (PSP Investments), one of Canada’s largest pension investment managers, has also agreed to sell its stake in Alpha Trains to PGGM Infrastructure Fund.

Alpha Trains is one of the leading rolling stock companies in Europe, providing flexible leasing solutions to train and locomotive operators across 17 European countries. Its portfolio consists of approximately 855 trains and locomotives. The majority of its fleet is electric, positioning Alpha Trains as a leader of the clean energy transition in European rail.


Shaun Mills, Alpha Trains CEO, said: “Alpha Trains continues to be the leading Continental European rolling stock lessor and our resilience through 2020 highlights the strength of our business. I would like to thank AMP Capital and PSP Investments, our two exiting shareholders, for their support over the last 12 years and I look forward to working with our new shareholders, APG and PGGM Infrastructure Fund, alongside existing shareholder Arcus, to continue to grow and develop the Alpha Trains business.”


AMP Capital and PSP Investments have been investors in Alpha Trains since its establishment in 2008, supporting the business to achieve significant milestones, including:


  • Doubling the size of the fleet and increasing EBITDA more than three-fold since 2012;
  • Enhancing the resilience of the business by leveraging Alpha Trains’ competitive advantage in key passenger markets, pivoting to a circa 70% passenger / 30% freight asset portfolio;
  • Expanding the operating footprint in existing and new geographies, such as Spain, France and Eastern Europe;
  • Realising Alpha Trains’ commitment to sustainability and clean transport to not only consistently achieve a five-star GRESB rating since 2017, but also successively improving the score year-on-year as a Sector Leader; and
  • Successfully concluding a complex refinancing to create a flexible and sustainable financing platform to support future growth and become the first ROSCO in Europe to develop and publish a Green Finance Framework fully aligned with the Green Bond and Green Loan Principles.


Adam Petrie, Head of Transport and Head of Asset Management, Europe, AMP Capital, said, “Alongside our co-shareholders and management team, we are proud to have driven the development and growth of Alpha Trains from its inception to become the leading European rolling stock company. Throughout this time Alpha Trains has capitalised on the liberalization of the European rail industry while delivering market leading ESG performance. Alpha Trains is a high-quality business with an important role in the future of European rail and we wish the business continued success.”


Arjan Reinders, Head of Infrastructure Europe, APG, commented: "Alpha Trains is an excellent business with a strong position in the Continental European rail market, together with an attractive and diversified portfolio of assets which generate long-term and resilient cashflows, which fits perfectly with the requirements of our pension funds clients. APG is making a strategic investment in the business, its management and its people, and we intend to further contribute to Alpha Trains’ success and growth over the long term."


Patrick Samson, Senior Managing Director and Global Head of Infrastructure Investments, PSP Investments, added: “Alpha Trains is a unique business with a solid foundation and strong leadership team. As the leading provider of flexible rail leasing solutions, we are proud to have supported and contributed to their growth and success alongside our partners. We are confident that PGGM Infrastructure Fund will be a positive addition to an already strong partnership – further supporting Alpha Trains’ potential.”


Erik van de Brake, Head of Infrastructure, PGGM: “Alpha Trains is a valuable addition to the growing PGGM Infrastructure Fund. We expect the company to continue its strong performance and generate long-term stable revenues for the fund’s participants, including Pensioenfonds Zorg en Welzijn, who are working towards a more sustainable investment portfolio. This investment enables long-term pension capital to support the growing demand for sustainable ways of transport in Europe.’’


Closing of the transactions are subject to approval by the relevant regulators.



Media enquiries


AMP Capital

Katie Sunderland

+44 (0) 7788 183377 



Dick Kors

+31 6 3402 0751


PSP Investments

Verena Garofalo

+1 844 525 3795


PGGM Corporate Communications

Maurice Wilbrink

+31 (0)30 277 97 35


Alpha Trains

Heike Zimmermann
+49 221 9140 9063



About AMP Capital

AMP Capital is a global investment manager with a heritage and strength in real estate and infrastructure, and experience in fixed income, equities and multi-asset solutions. AMP Capital has been investing in infrastructure since 1988 and has US$21bn infrastructure equity and debt assets under management as at 30 June 2020*. AMP Capital has been ranked in the top 10 infrastructure managers globally, based on total capital raised**. AMP Capital is owned by AMP Limited, which was established in 1849, and is one of Australia's largest retail and corporate pension providers.


* As at 30 June 2020.  Figure consists of the Net Asset Value of certain funds and clients managed by AMP Capital taking into account all of the assets less any liabilities.  This includes cash and liquidity of such funds in addition to any committed but undrawn capital.

** Derived from the 2020 Infrastructure Investor 50.  Ranking based on the amount of infrastructure direct investment capital raised by firms between 1 Jan 2015 and 31 Aug 2020


About APG

Every day APG is busy with something that already concerns millions of Dutch people and one day will concern millions more: pensions. APG strives to provide a good pension in a livable world for all participants, employers and pension funds. Together we work on a sustainable future in which we do not only look at prosperity, but also at well-being. Because pensions are about people, life and how we live together. So that we, our parents, and our children can enjoy a good income. Today, tomorrow, and beyond. As the largest pension provider in the Netherlands APG looks after the pensions of 4.7 million participants. APG provides executive consultancy, asset management, pension administration, pension communication and employer services. We work for pension funds and employers in the sectors of education, government, construction, cleaning, housing associations, sheltered employment organizations, medical specialists, and architects. APG manages approximately €560 billion (November 2020) in pension assets. With approximately 3,000 employees we work from Heerlen, Amsterdam, Brussels, New York, Hong Kong, Shanghai and Beijing.


About PSP Investments

PSP Investments is one of Canada’s largest pension investment managers with approximately $169.8 billion of net assets as of March 31, 2020. It manages a diversified global portfolio of investments in public financial markets, private equity, real estate, infrastructure, natural resources and private debt. Established in 1999, PSP Investments manages net contributions to the pension funds of the federal Public Service, the Canadian Forces, the Royal Canadian Mounted Police and the Reserve Force. Headquartered in Ottawa, PSP Investments has its principal business office in Montreal and offices in New York, London and Hong Kong. For more information, visit or follow PSP Investments on Twitter and LinkedIn.


About PGGM

PGGM is a cooperative Dutch pension fund service provider. Institutional clients are offered: asset management, pension fund management, policy advice and management support. On December 31, 2020 PGGM had EUR 266 billion in assets under management and was administrating pensions of 4.4 million participants. Around 750,000 workers in the Dutch healthcare are connected to PGGM&CO, our members organization. Either alone or together with strategic partners, PGGM develops future solutions by linking together pension, care, housing and work.


About Alpha Trains

Alpha Trains is the leading rolling stock lessor in Continental Europe. 120 employees from 15 countries work in offices in Luxembourg, Antwerp, Cologne, Madrid and Paris. Alpha Trains owns more than 850 locomotives and passenger trains and offers tailor-made leasing solutions, comprehensive know-how in maintenance and vehicle repairs as well as long-term experience in the financing of new build projects. Alpha Trains' fleets are in use by many public and private operators in 17 European countries.