Go-Ahead Verkehrsgesellschaft Deutschland GmbH’s New Rolling Stock Financing

Ashurst has advised a consortium comprising Bayerische Landesbank, Landesbank Hessen-Thüringen Girozentrale and Norddeutsche Landesbank – Girozentrale on the financing of new rolling stock for the operation of rail passenger services in “Lot 1 of the Augsburg networks” by Go-Ahead Verkehrsgesellschaft Deutschland GmbH.

In December 2018, GAVD was awarded the contract by Bayerische Eisenbahngesellschaft mbH and the State of Baden-Württemberg for the operation of the Ulm – Augsburg – Munich, Würzburg – Ansbach – Treuchtlingen – Donauwörth – Augsburg and Aalen – Nördlingen – Donauwörth routes covering services totalling approx. 7.4 million train kilometres per year.

The consortium of Landesbanks is providing a company of DAL Deutsche Anlagen Leasing, Mainz, with financing for the acquisition of a total of 56 new electric multiple-unit trains (EMUs) from Siemens Mobility GmbH. The brand new EMUs with a financing value of over 390 million euros will be used by a subsidiary of GAVD as a leasing construction for the operation of short-distance rail passenger transport in Lot 1 of the Augsburg networks. Bayerische Eisenbahngesellschaft mbH and the state of Baden-Württemberg support the financing of the electric multiple units with a debt service guarantee.

Go-Ahead Verkehrsgesellschaft Deutschland GmbH is a railway operator in Germany. A subsidiary of the Go-Ahead Group, it commenced trading on 9 June 2019.

The Ashurst team was led by finance partner Derk Opitz (Picture). He was supported by counsel Nikolos Tsagareli and senior associate Alexandra Heitmann, associate Dr Jan Ulrich Heinemann and transaction lawyer Julia Probst (all Project Finance). Counsel Holger Mlynek and partner Dr Maximilian Uibeleisen advised on the operating and the rolling stock related contracts (both Transport). Partner Anne Grewlich and senior associate Gabrielle Metherall advised on English law aspects (both Finance, all Frankfurt).

Involved fees earner: Anne Grewlich – Ashurst; Jan Ulrich Heinemann – Ashurst; Alexandra Heitmann – Ashurst; Gabrielle Metherall – Ashurst; Holger Mlynek – Ashurst; Derk Opitz – Ashurst; Julia Probst – Ashurst; Nikolos Tsagareli – Ashurst; Maximilian Uibeleisen – Ashurst;

Law Firms: Ashurst;

Clients: Bayerische Landesbank; Landesbank Hessen-Thüringen Girozentrale; Norddeutsche Landesbank Girozentrale;