Herbert Smith Freehills advised DAL Deutsche Anlagen-Leasing GmbH & Co KG (DAL) on two further leasing transactions for large-volume local transport projects of the German rail operator DB Regio AG (DB Regio). As part of the regional rail transport projects “Netz Ostsee-Alster” and “Netz Werdenfels 2028+”, DAL is arranging the financing of a total of 24 brand new electric multiple units in cooperation with Bayerische Landesbank (BayernLB).
The “Netz Ostsee-Alster” project will bring 18 new electric double-decker Coradia Max multiple-unit trains from Alstom to modernise the busy public transport network between Hamburg, Mecklenburg-Western Pomerania and Schleswig-Holstein and make local transport more sustainable. DAL is structuring the leasing project on the basis of a financing from BayernLB over 30 years as part of a “Green Financing” programme. BayernLB is the arranger and agent of a consortium with KfW IPEX-Bank GmbH, which is participating in half of the financing.
Six new Desiro HC electric double-decker multiple-units by manufacturer Siemens Mobility will be deployed on the train line between Munich and Garmisch-Partenkirchen to optimise regional rail transport in the Werdenfelser Land region. Once again, a DAL special purpose vehicle is acting as lessor and BayernLB as financier; the financing period for the project “Netz Werdenfels 2028+” totals 27 years including the construction period financing.
DAL is a subsidiary of Deutsche Leasing AG, the largest manufacturer-independent leasing company in Germany. With a transaction volume of over EUR 2.4 billion per year, the company is one of the leading specialists for the realisation of large-volume, asset-based investment projects.
Herbert Smith Freehills regularly advises DAL on leasing transactions in the rail transport sector.
The team advising DAL Deutsche Anlagen-Leasing was led by counsel Hannes Jacobi and included partner Kai Liebrich, counsel Christian H. Hinzmann, and senior associate Tim Abendschein.
