In the United Kingdom, VTG signed an agreement for the VTG Rail UK sale to USS, a transaction covering roughly 4,500 freight vehicles and expected to close in Q4 2026.

VTG and Breedon staff in orange PPE stand beside a silver JPA powder tank wagon
An official image published on 14 January 2026 shows staff beside a new-build JPA iWagon at Hope Cement Works in Derbyshire. Photo: VTG Rail UK.

VTG announced the transaction on 11 September 2026. It also confirmed that the deal requires no regulatory approvals. Marc Hurn will continue as chief executive after completion. Until then, the company remains part of VTG Group. The published announcements did not disclose the transaction value.

What USS is buying

Companies House records show an incorporation date of 1 July 2002. The registry lists two activities: freight rail transport, plus renting and leasing. The company’s fleet page groups the wagon examples shown into three main families. Tank wagons carry chemicals, powders and mineral oil. Standard wagons take steel, aggregates and building materials. Intermodal equipment such as Ecofret, Megafret and pocket wagons handles containers and semitrailers. Hurn said day-to-day operations would continue as normal.

Intermodal wagons listed by VTG Rail UK. GLW means gross laden weight; twin and triple identify the configurations shown in the fleet specifications.
Wagon type GLW Length Bogie
FBA-K container flat 80 t 15.27 m Y25
KFA-F, KFA-Z container flat 82 t 20.54 m VNH1
IKA-F, IKA-H, IKA-J, IKA-K Megafret container flat 126 t 36.44 m (twin) Y33
FWA-A, FWA-B Ecofret container flat 57 t 28.3 m (twin), 40.8 m (triple) SCT
FWA-C, FWA-D Ecofret2 container flat 81 t 40.82 m (triple) TF25A
FEA-S container flat 81.8 t 40.5 m (twin) Y33
FLA Lowliner container flat 52 t 28.9 m (twin) LTF13
IXA-A pocket wagon 56.0 t 16.8 m Y33

VTG lists gross laden weight, length and bogie type for each intermodal wagon. Twin and triple identify the configurations shown in the company’s fleet specifications. Source: VTG Rail UK fleet listing.

Why a pension fund wants freight wagons

USS held roughly £84 billion of assets on 31 March 2026. Its Private Markets Group was created in 2007 and forms part of USS Investment Management, which manages almost £25 billion of private assets. A 30-strong infrastructure team plans to make more than £1 billion of new investments annually. Rob Horsnall heads the group’s Direct Equity team. USS says the proposed acquisition fits its strategy of investing long-term capital in resilient infrastructure businesses capable of generating stable, predictable and inflation-linked cash flows.

Britain’s 2040 rail freight growth target

Three days before the sale announcement, the Department for Transport set a target of increasing freight moved by rail by at least 40% in net tonne kilometres by 2040. The target is a milestone towards the existing ambition of at least 75% growth by 2050. The department estimates that delivering the 2040 target would raise the annual value of goods carried by rail from £33.7 billion to £49.5 billion.

The Railways Bill remains before Parliament. If enacted, it would allow the Transport Secretary to set a statutory rail freight growth target for Great British Railways and embed freight growth in the new body’s decision-making.

UK rail freight growth targets, commodity expectations and the government’s estimated value of goods carried by rail.
Measure Government figure Year
All rail freight — 2040 target At least +40% 2040
All rail freight — 2050 target At least +75% 2050
High value goods — expectation +65% 2040
Construction goods — expectation +45% 2040
Critical goods — expectation +7% 2040
Annual value of goods — government estimate From £33.7 billion to an estimated £49.5 billion 2040

Two figures are formal targets; the commodity lines are expectations of potential growth, and the money range is an estimate of what delivery would be worth. Source: Department for Transport, written statement to Parliament, 8 September 2026.

VTG’s wider European business

Before completion, VTG describes itself as operating more than 75,000 rail freight wagons in more than 20 European countries. The company has not stated what its reported fleet size will be after the UK transaction closes.

Chief financial officer Mani Herold said the transaction would allow VTG to focus its capital and management resources on its broader European business. Goldman Sachs acted as exclusive financial adviser. Kirkland & Ellis International and Paul, Weiss, Rifkind, Wharton & Garrison served as legal advisers. Kirkland describes VTG as a portfolio company of ADIA, Global Infrastructure Partners and OMERS.