Pension Insurance Corporation (PIC) has invested €45m of debt in freight and railcar leasing company Streem Group.
The specialist insurer of defined benefit pension funds said the investment represents an ongoing commitment to invest across transportation assets that “support greater cost efficiencies and less carbon-intensive operations”.
Streem has more than 46,000 railcars and 80,000 containers in its fleet globally.
Alexandre Moreau, deputy CFO at Streem, said: “We are delighted to have attracted PIC’s interest through this investment in rail freight leasing, further demonstrating Streem’s attractiveness.”
Moreau said PIC’s investment will help Streem in its ambition to decarbonise the world’s logistics chains.
Vladan Martinovic, senior debt origination manager at PIC, said: “Investing in these transportation assets will support the shift of freight traffic from road to rail, further reducing the production of carbon dioxide.”
Florence Carasse, the head of infrastructure debt at PIC, said: “We are delighted to have been able to make our first freight leasing investment, in Streem Group.
“Investing in transportation infrastructure in this way helps us to fulfill our purpose, which is to fund the pensions of our current and future policyholders now and in the long term.”
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