17.07.2018 — First Structured Finance Solution by Institutional Investors of a German Passenger Rail Concession
- Berenberg, MEAG and Talanx have jointly structured the first financing by institutional investors of a German regional passenger rail franchise (SPNV) through a leasing structure with Deutsche Anlagen Leasing (DAL).
- Affiliates of MEAG and Talanx acted as debt investors to fund new rolling stock for the Ulm area SPNV franchise.
- Berenberg Private Bank was Coordinator and Arranger of the transaction, utilising its extensive experience in the infrastructure market.
Operation of the Ulm area network was tendered via a competitive European public procurement process, led by Bayerische Eisenbahngesellschaft (BEG). DB Regio, which currently operates the franchise, was granted the continued operation of the network on February 2018 for an additional twelve years.
The new rolling stock will be financed through a Special Purpose Vehicle (SPV) formed by Deutsche Anlagen Leasing (DAL). The Alstom Coradia Lint 41 and 54 trains will benefit from redeployment guarantees by the public transport authorities to ensure usage of the new fleet beyond the concession's twelve year term. Alstom Transport Deutschland will produce the trains at its plant in Salzgitter.
The public will benefit from efficient and competitive regional passenger rail services over the next few decades, while the rolling stock renewal will reduce emissions over the same time span compared with the trains currently in use.
Please find the complete joint press release in German below.
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