INPP's BeNEX platform wins a new €26mrail concession
4 November 2026
International Public Partnerships Limited, the listed infrastructure investment company ('INPP' or 'the Company') announces that BeNEX, a leading German regional rail operations and rolling stock business wholly owned by INPP, has been awarded a new concession, Rhein-Ruhr-Express, Teilnetz B ('RRX-B').
The operation of RRX-B through a wholly owned subsidiary of BeNEX, will require a further investment of c.€26 million from INPP during 2027 to 2031, with the majority of the funding required towards the end of this period. This investment will expand BeNEX's regional rail activities in Germany with a complementary network in the German federal states of North Rhine-Westphalia and Lower Saxony, comprising operations of up to 5.1m train km p.a. to be operated over 15 years. Upon completion, the number of train kilometres served by BeNEX will increase to over 80 million per year and annual passenger numbers to more than 160 million (all things being equal).
The acquisition is expected to generate an attractive internal rate of return ('IRR') in the low to mid-teens, in excess of that implied by a share buyback. The acquisition is expected to be funded by the Company using a combination of realisation proceeds and surplus cash generated from operations. The Company may make short-term use of the corporate debt facility to align with the timings of cash being received from realisation activities.
Since June 2023, INPP has realised, or committed to realise, over £440 million or approximately 17% of the portfolio[i], with every realisation completed at or above its most recently published valuation. INPP's differentiated investment approach remains consistent, delivering the predictable, stable, inflation-linked returns in low-risk essential infrastructure assets shareholders would expect from the portfolio. Over the same period, it has made investments or investment commitments of over £500 million at an average IRR of more than 11%, ahead of the portfolio's weighted average discount rate of 9.1%i and therefore accretive to overall returns.
About BeNEX
BeNEX is a wholly-owned German regional rail business, operating concession agreements with the vast majority of the German federal states, providing regional passenger rail services across a broad geographic footprint.
INPP made its first investment in BeNEX in 2007 as one of its two founding shareholders and took 100% control of the business in 2019. In October 2024, BeNEX acquired Abellio's rail operations in Germany for which INPP invested an additional c.€18 million in BeNEX.
Under INPP and the Investment Adviser's stewardship and active asset management, BeNEX has grown significantly by increasing the train kilometres provided across Germany by more than four times, demonstrating the growth opportunities embedded in the Company's existing portfolio. With the addition of the RRX-B concession, BeNEX's network will have grown to five times its size since the time of the Company's original investment.
During 2026, INPP has announced further commitments into BeNEX totalling c.€72 million, including the c.€26 million announced today, to be funded over the next five years.
As at 30 June 2026, INPP's transport sector represented 23% of the portfolio by fair value. During 2025, INPP's transport investments served more than 244.7 million passenger journeys and covered approximately 947.9 million train kilometres.
ENDS.
For further information
Erica Sibree +44 (0) 7557 676 499
Amber Fund Management Limited
Hugh Jonathan +44 (0)20 7260 1263
Deutsche Numis
Mitch Barltrop +44 (0) 7807 296 032
FTI Consulting
About INPP:
INPP is a listed infrastructure investment company that invests in global public infrastructure projects and businesses, which meet societal and environmental needs, both now, and into the future.
INPP is a responsible, long-term investor in over 130 infrastructure projects and businesses. The portfolio consists of utility and transmission, transport, education, health, justice and digital infrastructure projects and businesses, in the UK, Europe, Australia, New Zealand and North America.
INPP seeks to provide its shareholders with both a long-term yield and capital growth.
Amber Infrastructure Group ('Amber') is the Investment Adviser to INPP and in this capacity is responsible for investment origination, asset management and fund management of the Company.
Amber is part of Boyd Watterson Global Asset Management Group LLC, a global diversified infrastructure, real estate and fixed income business with over $39 billion in assets under management and over 300 employees with offices in eight US cities and presence in eleven countries.
[i]As at 30 June 2026.
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