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Herbert Smith Freehills has advised DAL Deutsche Anlagen-Leasing (DAL) on a leasing transaction with DB Regio AG for 15 brand new electric traction vehicles for the local rail passenger transport network “Nord Süd 2” and on the related financing with Helaba Landesbank Hessen-Thüringen.

The transaction relates to 12 electric double-decker railcars of the type Stadler KISS as well as three single-decker electric railcars of the type Stadler FLIRT XL of the Swiss manufacturer Stadler. The railcars are scheduled to be operated from December 2026 on tracks between the cities of Stralsund and Halle (Saale) and between Rostock and Berlin (“Nord Süd 2” network). The annual milage is indicated as around 5 million train kilometres.

Two special-purpose companies of DAL will make the vehicles available to DB Regio AG the after delivery under long-term lease agreements.

DAL is a subsidiary of Deutsche Leasing AG, the largest non-captive leasing company in Germany. With a transaction volume of around €2.4 billion per year, the company is one of the leading specialists in the realisation of private sector investments and infrastructure projects in Germany.

Herbert Smith Freehills regularly advises DAL on leasing transactions in the rolling stock sector.

The team advising DAL Deutsche Anlagen-Leasing was led by counsel Hannes Jacobi and included partner Kai Liebrich as well as associate Justus ter Veen (all finance).

Key contacts

Dr Hannes Jacobi photo

Dr Hannes Jacobi

Counsel, Germany

Dr Hannes Jacobi
Kai Liebrich photo

Kai Liebrich

Managing Partner, Germany, Germany

Kai Liebrich
Justus ter Veen photo

Justus ter Veen

Associate, Germany

Justus ter Veen

Media contact

For further information on this article please contact

Friederike Hartmann

Head of Business Development


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