BeNEX is both a rolling stock leasing company as well as an investor in train operating companies (“TOCs”) which operate rail franchises across Germany. BeNEX was initially a JV between INPP and Hamburger Hochbahn AG, a subsidiary of the Federal State and City of Hamburg, but has been wholly-owned by INPP since July 2019.

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Financial close
Concession term


BeNEX owns in excess of 100 passenger trains and leases these to TOCs typically for a period matching the underlying operating concession term. Individual concessions are typically granted for 10-15 years with a 2-3 year preparation period to cover vehicle procurement. The public sector client is the respective public authority of the individual concession e.g. the Federal States of Berlin, Bavaria, Hesse, Lower-Saxony, Hamburg, Schleswig-Holstein, Brandenburg, and other municipalities. The TOCs in which BeNEX is invested provide an aggregate of approximately 40m train kilometres of transport per annum.



Total rail km of transport

41m p.a.

Total number of trains


SDGs Supported