This paper is about diversification activities, and, more accurately, activities of capitalization of the
land and commercial rent generated by railway infrastructures, of passenger railway companies. The
global situation of these activities in the different parts of the world in 2003-2004 is first described. Then,
the evolution of these activities during the period 1990-2004 is studied. A convergence towards a
common diversification strategy and towards activities in stations is observed. Some consequences of the
existence of this convergence in terms of transport policies are discussed.