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Herbert Smith Freehills advises DIF Capital Partners on Sale and Lease Back transaction with DB Regio AG including MEAG arranged financing

23 November 2022 | Germany
Deals and cases

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Herbert Smith Freehills has advised DIF Capital Partners (DIF) on a sale and lease back transaction regarding the acquisition of 29 new-build electrical trains with DB Regio AG, a subsidiary of Deutsche Bahn AG, for public transport in the Kinzigtal rail network. The advice included the financing which has been exclusively arranged by MEAG.

DB Regio will sell 29 multiple-unit trains of the type Coradia Stream HC, manufactured by Alstom Transport Deutschland, to an SPV of DIF and lease them for a 15-year term beginning with the timetable change in December 2025 to operate rail lines advertised for bids from Rhein-Main-Verkehrsverbund and Nordhessischen Verkehrsverbund connecting Frankfurt am Main, Hanau, Fulda and Bebra.

The sponsor, DIF Capital Partners, will be investing via its DIF Infrastructure VI fund and will act as lessor of the fleet. The senior debt for the sale and lease back transaction will be arranged by MEAG.

Northrail Investment Management GmbH initiated and structured the transaction. Northrail GmbH will be responsible for asset management on behalf of the lessor under a long-term asset management agreement.

DIF Capital Partners is a global fund manager, with more than €15.0 billion in assets under management. DIF Capital Partners has built a leading position in managing mid-market infrastructure investments, primarily in Europe, the Americas, and Australia.

The Herbert Smith Freehills team was led by counsel Dr Hannes Jacobi and included partner Kai Liebrich and associate Dr Tim Abendschein (all Finance, Frankfurt).

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