PRESS RELEASE
27 January 2026

HSF Kramer Advises DAL On Lease Financing Transaction With DB Regio And HVB For New Multiple Units For The Isar-Noris-Altmühl Network

KL
Herbert Smith Freehills Kramer LLP

Contributor

Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be. Our footprint is extensive and committed across the world’s largest markets, key financial centres and major growth hubs. At our best tackling complexity and navigating change, we work alongside you on demanding litigation, exacting regulatory work and complex public and private market transactions. We are recognised as leading in these areas. We are immersed in the sectors and challenges that impact you. We are recognised as standing apart in energy, infrastructure and resources. And we’re focused on areas of growth that affect every business across the world.
Herbert Smith Freehills Kramer advised DAL Deutsche Anlagen-Leasing GmbH & Co. KG (DAL) on a lease financing for seven state-of-the-art Siemens Desiro HC double-decker multiple units.
United States

Herbert Smith Freehills Kramer advised DAL Deutsche Anlagen-Leasing GmbH & Co. KG (DAL) on a lease financing for seven state-of-the-art Siemens Desiro HC double-decker multiple units. The project financing was arranged and structured by DAL. HypoVereinsbank, a member of UniCredit, acted as financing partner in connection with such green financing.

The train sets are being purchased as part of the SPNV project "Netz Isar-Noris-Altmühl" (INA) and are scheduled to enter service for the first time when the timetable changes in December 2028. DB Regio has been awarded the transport service contract by Bayerische Eisenbahngesellschaft (BEG) to continue operations on the INA network from December 2028, modernise the service and expand its use.

DAL, a subsidiary of Deutsche Leasing AG, is one of the leading specialists in the implementation of large-volume, asset-based investment projects, with an accompanied transaction volume of over €3.3 billion per year.

HSF Kramer regularly advises DAL on leasing transactions and other projects in the rail sector.

The team advising DAL was led by finance partner Hannes Jacobi and included senior associate Tim Abendschein and associate Florian Möller.

Contributor

Herbert Smith Freehills Kramer is a world-leading global law firm, where our ambition is to help you achieve your goals. Exceptional client service and the pursuit of excellence are at our core. We invest in and care about our client relationships, which is why so many are longstanding. We enjoy breaking new ground, as we have for over 170 years. As a fully integrated transatlantic and transpacific firm, we are where you need us to be. Our footprint is extensive and committed across the world’s largest markets, key financial centres and major growth hubs. At our best tackling complexity and navigating change, we work alongside you on demanding litigation, exacting regulatory work and complex public and private market transactions. We are recognised as leading in these areas. We are immersed in the sectors and challenges that impact you. We are recognised as standing apart in energy, infrastructure and resources. And we’re focused on areas of growth that affect every business across the world.
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