Deutsche Bahn is procuring 90 new trains for the Munich S-Bahn, as part of its transport contract with the Bavarian Railway Company BEG.
LHI has designed a leasing model for the new S-Bahn trains. The financing is subject to a guarantee from the German state of Bavaria.
The European Investment Bank (EIB) and the German affiliate of UniCredit, HypoVereinsbank, are
providing credit lines totalling up to more than €2 billion to Deutsche Bahn for the procurement of 90 new
trains for the Munich S-Bahn. Deutsche Bahn will receive the financing for the new vehicles from Bayerische
Eisenbahngesellschaft (BEG), which plans, finances and controls the regional and S-Bahn traffic in Bavaria
on behalf of the Bavarian Ministry of Transport. To finance the trains purchase, BEG selected a lessor, LHI Leasing based in Pullach near Munich, and two investors, EIB and Unicredit, in competitive tendering procedures. The Free State of Bavaria enables very favorable financing conditions through a capital service guarantee.
The financing will go towards Deutsche Bahn AG’s procurement of 90 new S-Bahn trains from manufacturer
Siemens Mobility.
The first newly developed fully walk-through and 200 metre-long S-Bahn trains are expected to enter
service with passengers in late 2028. The more comfortable trains feature modern passenger information
equipment and can carry 1 841 people. The increased capacity will allow for passenger growth in the
coming decades and pave the way for the mobility transition from road traffic to rail.
Under a leasing structure developed by LHI Leasing GmbH, the loans are transferred to special purpose
vehicles (SPVs) and secured by a debt service guarantee from the state of Bavaria.
“We are delighted to support the modernisation of public transport in the metropolitan Munich area,” says
EIB Vice-President Ambroise Fayolle, who is responsible for financing in Germany. “Appealing regional
transport solutions are key to fostering the transition to climate-friendly mobility by encouraging commuters to switch from road to rail. This also helps cut the CO2 emissions and traffic congestion caused by the use of private cars.”
“Our participation in the financing of modern S-Bahn trains in Munich is in line with our strategy: “We are
actively involved in the sustainable transformation of society and support the local communities in Europe
as a banking partner in their development,” says Christian Reusch, member of the Management Board
of HypoVereinsbank. responsible for client solutions.
“The funding is one of the largest in this area. It shows what sets us apart as a bank: as a pan-European
institution, we are able to offer an innovative financing solution of this size. At the same time, we are
deeply rooted in the regions where our customers are based – in this case the Munich region and the
Free State of Bavaria,” adds Jan Kupfer, Corporate Customers Director at HypoVereinsbank.
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“The lease financing of the new Munich S-Bahn trains is perfectly in line with our purpose: supporting the
expansion of sustainable mobility. We are very happy to be able to make a corresponding contribution
with this high-volume transaction and to actively use the resource-saving vehicles on our doorstep in the
future,” said Head of Structured Finance/Rolling Stock at LHI Stefan Wildgruber.
