Infracapital and DWS agree sale of Corelink to Porterbrook
Infracapital, the infrastructure equity investment arm of M&G, and DWS, a leading global infrastructure manager, have agreed to sell Corelink Rail Infrastructure Limited (“Corelink”) to Porterbrook, the UK’s leading rolling stock financier and asset management company.
Corelink was established as a joint venture in 2017 between Infracapital and Pan-European Infrastructure II, a fund managed and advised by DWS, to procure and lease rolling stock for the West Midlands passenger rail franchise (WMT). Since inception, Corelink has supported the delivery of over 400 new rail vehicles, operating services between London, Birmingham and Liverpool, whilst also increasing commuter capacity, comfort and reliability.
The transaction includes the sale of a fleet comprising 324 Class 730 Aventra electric multiple units (EMUs) and 80 Class 196 diesel multiple units (DMUs). Together, these fleets represent 60% of WMT’s network operations. Porterbrook has been a longstanding partner of WMT and continues to expand its fleet support capabilities, including recent enhancements at the Bletchley Train Maintenance Depot.
Tom Crawley, Managing Director at Infracapital, said: “We are proud to have established Corelink with DWS, delivering a modern and energy-efficient fleet that provides a reliable commuter experience across the West Midlands rail network. We believe Porterbrook is well-positioned to continue supporting Corelink’s mission to deliver dependable and sustainable rail transport in the UK.”
Hamish Mackenzie, Partner and Global Head of Infrastructure at DWS, said: “Corelink is a core infrastructure asset that provides an essential rail transportation service to key routes in the United Kingdom. The successful sale of Corelink by Pan-European Infrastructure II showcases DWS’s experience across the transportation sector and its active asset management expertise.”
Porterbrook CEO Mary Grant said: “West Midlands Trains has been one of our largest customers for over 15 years and this latest transaction solidifies that partnership for the future. It also completes a programme of more than £1bn of capital deployed during the last five years in new trains, fleet upgrades, traction innovation and rail infrastructure.”
Media enquiries
For further information, please contact:
Infracapital via Teneo
Tom Murray
Colette Cahill
E: Infracapital@teneo.com
T: +44 20 7260 2700
DWS via
Nick Bone
E: nick.bone@dws.com
T: +44(20)754-72603
Porterbrook
Tim Malone
E: tim.malone@porterbrook.co.uk
T: +447976 637941
About Infracapital
Infracapital invests in, builds and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. We take an active role in all of our investments, whether nascent or large, to fulfil their potential and ensure they are adaptable and resilient. Our approach creates value for our investors, as we target investments with the scope for stable and sustainable growth. Our portfolio companies work closely with the communities where they are based, to the benefit of all stakeholders. Infracapital is well positioned to deliver the significant investment required to help build the future. The founder-led team of experienced specialists has worked with more than 60 companies around Europe and has raised and managed over €9 billion of client capital across seven funds. Infracapital is part of M&G Plc, an international savings and investments business, managing money for around 4.5 million retail customers and more than 900 institutional clients in 39 offices worldwide. Total assets under management are £354.6 billion (as at 30 June 2025).
About DWS – Private Infrastructure
DWS Infrastructure is a leading infrastructure investor with global reach, strong international reputation, and long-term investment horizon. DWS Infrastructure is part of DWS Group & GmbH Co KGaA, an independent world leading listed asset manager (ETR: DWS) with €1,054 billion in assets under management (as of 30 September 2025), building on more than 60 years of experience and reputation for excellence in Germany and across the globe. As a stand-alone, publicly listed asset manager DWS has come to be recognized by clients globally as a trusted source for integrated investment solutions, stability, and innovation across a full spectrum of investment disciplines including Active, Passive and Alternatives asset management.
DWS has been investing in infrastructure since 1994 with one of the longest track-records in the industry. As part of the Alternatives platform, the private infrastructure business provides client solutions covering private equity infrastructure and debt and currently manages over €24 billion on behalf of its investors (September 30, 2025). Our global platform gives investors access to economic and service sectors critical to the basic functioning of local and global economies, including transformative investments in decarbonisation as well as digitalisation, and supporting demographic shifts. DWS employs a disciplined investment approach and aims to deliver superior long-term risk adjusted returns, preservation of capital and diversification to its investors, which include governments, corporations, insurance companies, endowments, private banks, and retirement plans worldwide.
https://www.dws.com/en-gb/capabilities/alternatives/infrastructure/
About Porterbrook
Porterbrook is the UK’s leading rolling stock financier and asset management company. We’ve been at the heart of the rail network for over three decades with 4000 vehicles in our diverse portfolio of passenger and freight trains. As a partner that adds value to the railway today and for the future, we’ve invested over £4bn in new rolling stock.
Sustainability is embedded in our decision making, and we’ve been named the global sector leader in the annual GRESB sustainability assessment for the last five years.
Our teams are leading some of the most exciting innovations taking place in the railway today at our offices in Derby and London, and the Long Marston Rail Innovation Centre in Warwickshire. The 135-acre site is an invaluable asset for the railway to trial new technology.
The Porterbrook group of companies is wholly owned by supportive long-term institutional investors, fully committed to the future of the UK rail sector.