BRITISH rolling stock leasing company Rock Rail and Infracapital, the infrastructure investment arm of M&G, have formed a joint venture to invest in rolling stock for the German market, launching their partnership with a project to lease to DB Regio a fleet of 18 four-car EMUs for the Central German S-Bahn Network (MDSB) 2025+ centred on Leipzig.
The four-car EMUs are part of a larger order for 75 Mireo trains announced by Siemens Mobility in December. DB Regio secured the 12-year contract to operate part of the MDSB last summer. Delivery of the trains is expected in 2026, ahead of the start of the contract in December of that year.
Senior debt financing for the fleet has been arranged by Meag on behalf of Munich Re Group as well as other institutional lenders.
This is Rock Rail’s second transaction in the German regional rolling stock market. It began working with Abrdn Core Infrastructure in 2018 to lease 17 Coradia Stream EMUs to DB Regio for use on the Main-Weser network under an order placed in 2022. These trains are scheduled to enter service in December.
Rock Rail CEO, Mr Mark Swindell, says the company has “strong relationships with all the German regional public authorities, operators and manufacturers.” Together, the partners are now aiming to use their platform to deliver further private infrastructure capital that will support the country’s transition to net zero emissions from transport.
“This partnership with Rock Rail will support Infracapital’s mission to invest in infrastructure assets which are key to Europe’s sustainable future,” says Ms Priya Veerapen, managing director of Infracapital.
“Germany’s liberalised rolling stock market sits at an exciting crossroads as the country seeks to double passenger rail numbers by 2030. We see a strong pipeline in the years ahead as government agendas in the UK and Europe are increasingly focused on delivering improved and cleaner public transport systems for a growing passenger base. We look forward to working with Rock Rail and other stakeholders to drive further growth in the years ahead.”
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