agreed on a Metropolitan Rail Operating Model, which requires the operating contracts for metropolitan rail operations to be "contestable". This is in line with Auckland's rail contract. An agreement signed in July 2011 transferred ownership of KiwiRail's station buildings, excluding Wellington railway station, to the GWRC, along with the D/DM class and EM/ET units (the FP/FT units were already owned by GWRC). KiwiRail retained ownership of the tracks, platforms, electric traction and signalling systems. The assets were valued at $107.5 million. Ownership of the fleet transferred on 1 July 2011 to Greater Wellington Rail Ltd, formed by Greater Wellington Regional Council in 2006. In 2014, Transdev announced its intention to bid for the operations contract when it came up for renewal in 2016. The contract was awarded to a partnership between Transdev and Hyundai Rotem effective from July 2016. Operations Metlink trains are operated under contract from the GWRC, which subsidises the operation and owns station buildings and rolling stock. Typically, 60% of that subsidy comes from central government through the NZ Transport Agency (formerly Land Transport New Zealand), which approves such funding after analysis of the economics and net benefits, the remainder coming from the GWRC. Public consultation in 2005–2006 resulted in some changes of emphasis in the new contract, which runs for ten years from June 2006. The September 2006 fare rises and section changes were stated to part-pay for a major upgrade of trains and facilities over the next few years in conjunction with regional bus service improvements. Rolling stock Rolling stock as at 2 July 2016: Former rolling stock Upgrades In 2008-2011 KiwiRail and GWRC undertook a major upgrade of the Metlink network, dubbed the Wellington Regional Rail Programme (WRPP). The $390 million program included: The purchase of 48 two-car electric multiple units, the "Matangi" FP/FT class, to replace the aging DM/D class units and to increase capacity. Upgrading the electrification system, including refurbishing the overhead lines and masts and 12 new substations to increase electrical supply for the Matangi units. Upgrading the signalling system, including replacing control systems and signal wiring and hardening the track circuits from interference with the electrification. Upgrading platforms at several stations to accommodate Matangi units and longer train lengths. Upgrading the Johnsonville Line to accommodate both Ganz Mavag and Matangi units, by improving the loading gauge in the tunnels and under some bridges. Lengthening the three crossing loops on the