GATX acquires 2,500 foreclosed freight cars

GATX Corp. has acquired a fleet of more than 2,500 freight cars valued at approximately $150 million, from a financial institution that recently foreclosed on part of the fleet of a railcar lessor.

“These newer, high-quality railcars are highly utilized and will be seamlessly absorbed into the GATX fleet,” said Brian A. Kenney, president and chief executive officer of GATX, in a statement Monday.

“Throughout the downturn, GATX selectively pursued opportunities to acquire quality railcars from distressed sellers or those looking to exit the railcar leasing business,” said Kenney. “This acquisition, coupled with our previously announced fleet acquisition from Allco Finance Group Limited and our recent investment in Adler Funding LLC, reflects this strategy.Through these transactions, GATX acquired an interest in approximately 12,000 railcars valued at almost $660 million. We continue to look for additional opportunities to grow our asset base at attractive valuations.”