Friday 20 Oct 2017
£35 million to be reinvested into the railway as Network Rail sells national logistics centre
Network Rail has generated £35 million from the sale of its National Logistics Centre in Ryton, Coventry to the West Midlands Pension Fund, following a competitive sales process.
Funds generated from the sale will be reinvested into the railway to contribute to delivering the Railway Upgrade Plan. As part of the sale agreement, the National Logistics Centre will be leased back to Network Rail with a 15-year term.
The sale follows external analysis which suggested introducing a new inventory and order system, meaning the site will eventually no longer be needed by Network Rail.
David Biggs, Managing Director of Network Rail Property, said: “Network Rail has decided to raise funds from asset disposals to support our ongoing rail enhancement programme.
“Investment is crucial to improving the railway in Britain. Improvements lead to longer, faster more frequent trains; a better, more reliable infrastructure; and better facilities for passengers, especially at stations.
“The sale of the National Logistics Centre in Ryton is part of this plan to build a bigger, better and more reliable railway which benefits all rail users, and delivers the best value for money for taxpayers.”
About Network Rail
We own, operate and develop Britain's railway infrastructure; that's 20,000 miles of track, 30,000 bridges, tunnels and viaducts and the thousands of signals, level crossings and stations. We run 20 of the UK's largest stations while all the others, over 2,500, are run by the country's train operating companies.
Every day, there are more than 4.7 million journeys made in the UK and over 600 freight trains run on the network. People depend on Britain's railway for their daily commute, to visit friends and loved ones and to get them home safe every day. Our role is to deliver a safe and reliable railway, so we carefully manage and deliver thousands of projects every year that form part of the multi-billion pound Railway Upgrade Plan, to grow and expand the nation's railway network to respond to the tremendous growth and demand the railway has experienced - a doubling of passenger journeys over the past 20 years.
We are building a better railway for a better Britain.