The loan forms part a €750m refinancing of Akiem following the sale earlier this year of 50% of the business to Deutsche Asset Management. Akiem, which was set up in 2008 by French National Railways (SNCF), is now owned equally by Ermewa Group, SNCF Logistics' asset management subsidiary, and the second infrastructure fund of Deutsche Asset Management.

The deal will be used to refinance existing loans on Akiem's portfolio. Mr Fabien Rochefort, Akiem's CEO, says the loan will also support the company's growth. The objective is to double the size of Akiem's fleet of more than 350 electric and diesel locomotives operating in 13 European and North African countries.