ING Bank has led a €375 million ( US$441 million ) debt refinancing and new capex facility for ITE Management’s European rail financing platform, enabling it to finance the expansion and modernization of its rail wagon fleet in the region.

ING acted as mandated lead arranger, facility agent, security agent, and account bank for the deal. It was advised by Watson Farley & Williams.

ITE Management is a New York-based alternative investment firm that specializes in transportation infrastructure and industrial real assets. Founded in 2021, the firm manages over US$10 billion in assets.

Its rail fund holds one of North America’s largest rolling stock lessors. With a fleet of approximately 122,000 railcars, it is actively expanding its presence in Europe.

In March 2025, ITE secured a strategic minority investment from funds managed by Blackstone Credit & Insurance ( BXCI ). The two firms also launched a strategic forward flow partnership, with BXCI aiming to provide ITE with up to US$2 billion of capital for investments and financing over the initial phase of the partnership.