Dexia Sabadell, in conjunction with La
Caixa, Banco Popular and the Instituto de Crédito Oficial, has
announced it is structuring the finance of 60 trains for Metro de
Madrid, with an investment worth €400 million.

The amount will be put together by a special-purpose vehicle
company, the capital of which will be held by the Infrastructure
Fund of the SEIEF Group (Southern European Infrastructure Equity
Finance), of which Dexia is a shareholder, and CAF (Construcciones
y Auxiliar de Ferrocarriles), the train supplier.

Metro de Madrid will acquire the rolling stock through a 17-year
operating lease, which also includes the maintenance of the trains,
worth €200 million.

The operating lease will be financed by the Community of Madrid
(52 percent) and the Madrid Town Council (48 percent).

Dexia Sabadell is 40 percent held by Banco Sabadell, a Spanish
bank, while the Dexia Group owns the remaining shares.

The contract involves 45 wide gauge trains (234 cars) and 15
narrow gauge trains (68 cars) – half of which will replace older
trains , while the rest will supplement new extensions on the

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They are expected to be manufactured within 22 months, in order
to be incorporated into the metro network by mid-2010.

In 2006 Dexia was responsible for the largest metro finance deal
ever put together in Spain, worth €1.2 billion.

Madrid’s metro network is used by 2.5 million passengers daily,
and has benefited from major upgrades in the last year. Metro de
Madrid had not done any off-balance-sheet financing until 2006 –
everything before was on a public-procurement basis.

Last December Metro de Madrid closed another €400 million
fully-structured facility – which the transport company treated as
a 15-year off-balance-sheet lease – that refinanced a number of
trainsets previously purchased by the transport body.

Jason T Hesse