# BeNEX Adds Rhein-Ruhr-Express Teilnetz B Concession With €26 Million Investment

> BeNEX, owned by INPP, has won the Rhein-Ruhr-Express Teilnetz B concession, requiring about €26 million of investment from 2027 to 2031.

- Published: 2026-11-04T09:18:18+00:00
- Section: Contracts & Customers
- Author: News Desk
- URL: https://newsforagent.com/news/2026-11-04/benex-rhein-ruhr-express-concession
- Source: [Investegate](https://www.investegate.co.uk/announcement/rns/international-public-partnerships-ltd---inpp/benex-platform-wins-a-new-26m-rail-concession/9856831)

## Key takeaways

- BeNEX was awarded the Rhein-Ruhr-Express Teilnetz B concession, requiring about €26 million of further investment from INPP between 2027 and 2031.
- The concession covers up to 5.1 million train kilometres a year over 15 years in North Rhine-Westphalia and Lower Saxony.
- INPP expects the acquisition to generate an internal rate of return in the low to mid-teens, above that implied by a share buyback.

BeNEX, the German regional rail business wholly owned by International Public Partnerships Limited, has been awarded the Rhein-Ruhr-Express Teilnetz B concession, which requires about €26 million of further investment from INPP between 2027 and 2031. [Investegate](https://www.investegate.co.uk/announcement/rns/international-public-partnerships-ltd---inpp/benex-platform-wins-a-new-26m-rail-concession/9856831) published the announcement on November 4, 2026.

## How the RRX-B Concession Expands BeNEX

[BeNEX](https://akta.pro/company-profiles/0027f1i/benex) will operate RRX-B through a wholly owned subsidiary. The concession adds a network in North Rhine-Westphalia and Lower Saxony with up to 5.1 million train kilometres a year, operated over 15 years. Most of the €26 million investment is required toward the end of the 2027 to 2031 period.

Once the concession is in service, BeNEX's train kilometres are expected to rise above 80 million a year and annual passenger numbers above 160 million, all things being equal. INPP expects the acquisition to generate an internal rate of return in the low to mid-teens, above the return implied by a share buyback. The company said funding will combine realisation proceeds and surplus cash from operations, with possible short-term use of its corporate debt facility to align with the timing of cash from realisations.

INPP has realised, or committed to realise, more than £440 million since June 2023, about 17% of its portfolio, with every realisation completed at or above its most recently published valuation. Over the same period it has made investments or commitments of more than £500 million at an average internal rate of return above 11%, ahead of the portfolio's weighted average discount rate of 9.1%.

## BeNEX's Scale Before and After RRX-B

According to akta.pro [company records](https://akta.pro/company-data), BeNEX was founded in 2007 and holds approximately 6% of the German regional rail transport market. The same records list 65 million train kilometres a year across seven established regional railway companies, and a revenue concentration of EUR 700 million across the group as stated in job postings. In 2024 BeNEX acquired Abellio Deutschland from Dutch State Railways, absorbing Abellio Rail Mitteldeutschland, WestfalenBahn and PTS into the group and elevating BeNEX to Germany's third-largest regional transport provider.

## INPP's BeNEX Commitments Through 2026

INPP made its first investment in BeNEX in 2007 as one of two founding shareholders and took 100% control in 2019. In October 2024, BeNEX acquired Abellio's rail operations in Germany, for which INPP invested an additional about €18 million in BeNEX. During 2026, INPP has announced further commitments into BeNEX totalling about €72 million, including the about €26 million announced on November 4, 2026, to be funded over the next five years.

## Companies in this story

- [BeNEX company profile](https://akta.pro/company-profiles/0027f1i/benex) · website: https://benex.de

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