Clifford Chance advises Rock Rail and Infracapital on investment in German rolling stock

Global law firm Clifford Chance has advised Rock Rail and Infracapital on the financing of a fleet of new electric train sets for the Leipzig Central German S-Bahn Network 2025+ (MDSB 2025+). The fleet comprises 18 Siemens Mireo 4-car trains and will enter service in December 2026. The trains will initially be leased to DB Regio AG, who have won lot 1 of the concession to operate part of the MDSB 2025+ services (which tender process was split into two lots).

For this purpose, Rock Rail and Infracapital have established a new joint venture for Germany. Both companies will use the platform to help deliver private infrastructure capital to Germany’s rolling stock market and support the country’s transition to net zero.

This transaction represents Rock Rail’s second investment in German rolling stock, with the Clifford Chance team having acted for Rock Rail on its first German transaction in 2022.

The Clifford Chance team comprised partners Paul Carrington and Christof Häfner, senior associate Ryan Wild, the associates Franziska Buchholz, Hannah Harvey, Ope Oreyemi and Saud Aziz, trainee solicitors Seika Osafune and Fatimah Nazir (all Global Financial Markets, Frankfurt and London) as well as partner Jemma Dick (Tax, London).