Pension Insurance Corporation (PIC) has invested £38m (€45m) of debt in the freight and railcar leasing company Streem Group.
As reported by our sister publication European Pensions, the insurer said investing in logistics that help to shift the flow of freight traffic away from the road and onto rail formed part of its global decarbonisation strategy.
Streem Group, formerly known as Ermewa, was formed in Switzerland in 1956 and is one of the global leaders in freight transportation, with more than 46,000 railcars and 80,000 containers in its fleet across 90 countries, and a staff of around 1,300 people.
PIC said its investment in Streem was part of an “ongoing commitment to invest across transportation assets that support greater cost efficiencies and less carbon intensive operations.”
Commenting on the move, PIC senior debt origination manager, Vladan Martinovic, said: “Investing in these transportation assets will support the shift of freight traffic from road to rail, further reducing the production of carbon dioxide.”
Meanwhile, PIC head of infrastructure debt, Florence Carasse, commented: “Investing in transportation infrastructure in this way helps us to fulfil our purpose, which is to fund the pensions of our current and future policyholders, now and in the long-term.”
Streem Group deputy CFO, Alexandre Moreau, added: “We are delighted to have attracted PIC’s interest through this investment in rail freight leasing, further demonstrating Streem's attractiveness.
“PIC's participation will help Streem in its ambition to decarbonise the world’s logistics chains.”
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