Rail finance

Ranked amongst the top firms by leading legal directories for rail finance, our award-winning team has a well-established reputation for excellence. We have extensive international experience in all areas of rail finance, including regularly advising financiers on new markets, new fleets of rolling stock and portfolio transfers as well as infrastructure investment.
  • Profile
  • Experience
  • Key contacts

Our award-winning team is led by partners who all have deep industry knowledge and expertise across a range of jurisdictions.

We advise on both single-jurisdiction and cross-border financings including complex loan financing transactions, leasing transactions, and portfolio transactions. We are acknowledged market leaders for advice on the development of new and innovative financing structures for the global rail sector and are the "go to" counsel for an impressive group of leading clients.

We regularly host top table dinners, conferences, seminars and forums which facilitate discussion within the industry and regularly contribute to industry press.

Our team works with a network of international counsel who are experts in the rail sector to deliver specialist advice around the world.

Twitter: @legalrail

"The rail team has become a force to be reckoned with."
Chambers UK 2017

Rock Rail Limited

Advising new entrant into the rolling stock market on new rolling stock financing including the East Anglia, Moorgate, Northern and TPE rolling stock procurements.

CAF

Advising CAF on the Caledonian Sleeper rolling stock financing arrangements.

LOROL

Advising the financiers on the new rolling stock for London Overground.  Advising CAF on its bid to supply a new fleet of trains to TfL for that concession.

Rolling stock financing

Advising on the financing of rolling stock transactions in the UK including East Anglia, Moorgate, Northern, Southern, TPE and West of England.

Operational Depots

Advising Abellio, the Dutch passenger operator, on the financing of a new depot at Brantham in Suffolk, required to support its ongoing operations as part of its new rolling stock procurement.

Corelink Rail Infrastructure Limited

Advising CoreLink Rail Infrastructure, a new entrant to the rail finance market, on the financing of 100+ new trains from Bombardier Transportation and CAF for the West Midlands rail franchise.

Lawyer

Graeme McLellan Partner

T:  +44 20 7809 2618
M:  +44 7976 363 769 Email Graeme | Vcard Office:  London

Latest news & insights

07 Nov 2018

From Insights

A new approach to franchising?

Writing for Rail Professional, Stefan Eilts and Darren Fodey explain why the Transport Select Committee has asked probing questions in its East Coast Report.

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15 May 2018

From Insights

Investing in the railway: a new approach?

Darren Fodey considers a new approach to funding for rail projects in the May issue of Rail Professional.

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05 Apr 2018

From Insights

Rail franchising: 10 key points from the top table dinner

Peter Wilkinson, the Department for Transport's Managing Director of Rail Passenger Services, kindly joined Stephenson Harwood and Atkins on Tuesday 13 March 2018 for ..

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23 Mar 2018

From Insights

Rail private investment – Key points from the DfT and ORR's new call for investors

In this update we consider: (a) what are the key points from the DfT guidance in terms of preparing a proposal; and (b) the key features of the DfT's new governance pr..

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14 Feb 2018

From Insights

Brexit: implications for rail rolling stock procurement, leasing and financing

Graeme McLellan writes for Butterworths Journal of International Banking and Financial Law.

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10 Jan 2018

From News

Stephenson Harwood named 'Rail Finance Team of the Year'

Law firm Stephenson Harwood LLP has been named 'Rail Finance Team of the Year' by Global Transport Finance magazine, for the fifth consecutive year.

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12 Dec 2017

From News

Stephenson Harwood named 'Transport Law Firm of the Year'

Law firm Stephenson Harwood LLP has been named 'Transport Law Firm of the Year' at the Legal 500 UK Awards 2018.

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24 Oct 2017

From Insights

The rolling stock finance revolution

Head of rail Graeme McLellan writes for Global Transport Finance about the decline in cost of leasing new trains, and the associated phenomenon of relatively young fle..

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24 Jul 2017

From News

Stephenson Harwood advises Lloyds Bank and Royal Bank of Scotland on train fleet sale

Law firm Stephenson Harwood LLP has advised Lloyds Bank plc and the Royal Bank of Scotland plc on the sale of a fleet of passenger train rolling stock to Beacon Rail L..

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20 Jul 2017

From Insights

Great Britain passenger rail: the current expected timetable

We provide a helpful one-page summary diagram of the current expected timetable for Great Britain's passenger rail franchises and concessions.

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09 Jun 2017

From Insights

Brand new trains being pushed off-lease: implications and options for financiers

The cost of purchasing and leasing new trains has fallen dramatically over the last three years, due to factors including lower manufacturer prices and the availabilit..

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20 Feb 2017

From Insights

High speed rail – delivery of professional services to the high speed rail industry

The overall topic for the dinner was how professional services providers can play their part in delivering the ambitions of HS2 in the creation and delivery of skills ..

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24 Jan 2017

From News

Stephenson Harwood named 'Rail Law Firm of the Year'

Law firm Stephenson Harwood LLP has been named 'Rail Law Firm of the Year' by Global Transport Finance magazine, for the fourth consecutive year.

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12 Jan 2017

From News

Stephenson Harwood advises Trenitalia on £70 million UK rail deal

Deal signifies Italian operator's entry into UK market

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05 Dec 2016

From News

Stephenson Harwood wins asset finance legal provider of the year award

Law firm Stephenson Harwood LLP has won the asset finance legal provider of the year award at the Leasing Life Awards. The firm has been recognised for the strength of..

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05 Jul 2016

From Insights

Brexit and the UK railways industry: So long and thanks for all the TSIs…

23 June 2016: a day which will go down in history as the day Europe and the UK changed forever. Since the "First Railway Package" of legislation was introduced in the ..

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© Stephenson Harwood LLP 2016. Any reference to Stephenson Harwood in this document means Stephenson Harwood LLP and/or its affiliated undertakings. Any reference to a partner is used to refer to a member of Stephenson Harwood LLP.