Ashurst has advised Bayerische Landesbank (BayernLB) and Siemens Bank GmbH on the financing of a large-scale sale-and-lease-back transaction for 25 ICE 3neo high-speed trains for DB Fernverkehr AG (DB FV). The consortium, led by BayernLB with the participation of Siemens Financial Services (SFS), is providing close to one billion euros in financing. The financing complies with the Green Loan Principles and is aligned with the EU Taxonomy.
The transaction combines a long-term operating lease structure with an open residual value, enabling DB FV to use the trains for ten years each while retaining operational responsibility for maintenance and overhaul at its own ICE facilities. The framework is based on a master agreement structured by DAL Deutsche Anlagen-Leasing (DAL) under which individual lease agreements are entered into. DB FV is deploying this model for ICE trains for the first time to increase flexibility in fleet management and to accelerate the modernisation of the ICE fleet. The transaction strengthens DB FV's financial capacity and stands as a strong example of successful, sustainable mobility financing.
Following an international market sounding, the consortium led by BayernLB and SFS was selected to structure the leasing arrangement and the financing. Comprehensive contractual documentation was negotiated and finalised among the transaction parties within three months. To provide the full financing volume, BayernLB brought additional renowned national and international banks and investors into the consortium.
The Ashurst team was led by Derk Opitz and Dr Tobias Bürk (both Frankfurt). They were supported by Ariana Fazlic (Senior Transaction Lawyer, Munich) and Ena Kartal (Senior Transaction Lawyer, both Global Loans).
