FINLAND’s national operator VR has signed a contract with state-owned rolling stock leasing company Suomen Ostoliikennekalusto to transfer ownership of the fleets used by VR to operate services under contract to the Finnish state.
The move is a key step in opening the Finnish passenger market up to competition, which is expected after 2030, with all prospective operators having access to rolling stock owned by Suomen Ostoliikennekalusto.
The first stage of the transfer process will commence on March 2 when Suomen Ostoliikennekalusto will acquire trains used for commuter services, including the fleet of 20 Sm7 Flirt EMUs that Stadler is currently delivering to VR to operate in Helsinki and Tampere. The deal also includes railbuses and night train coaches.
Additional night train coaches and car-carrying wagons, which are currently on order, will transfer under the second phase of the programme. The transfer of locomotives used to haul overnight services has yet to be confirmed.
The purchase price for the first and second phases is estimated at €250m. To ensure the transaction is cost-neutral, VR will make a capital repayment to the state during 2026. This arrangement will have no impact on VR’s debt servicing capacity or operating profit.
Suomen Ostoliikennekalusto will act as an independent state-owned company under an agreement reached on October 9, which confirmed the transfer of ownership of the company, with a balance sheet of €15.1m, entirely to the Finnish state. VR no longer participates in decision-making at the company.
VR will operate services under its current agreement with the Ministry of Transport and Communication until 2030.
