New Leipzig S-Bahn fleet financed by Rock Rail and Infracapital

Rock Rail

Rock Rail and Infracapital are pleased to announce a further transaction under their German Rolling Stock platform. Rock and Infracapital have now closed the financing of trains for Lot 2 of the Leipzig Central German S-Bahn Network 2025+ (MDSB 2025+), following the closing of Lot 1 in December 2023. MEAG is acting as sole arranger across both lots for the senior debt financing on behalf of various Munich Re group as well as other institutional lenders, reaffirming their commitment to the modernisation of sustainable public transport in Germany.

The fleet for Lot 2 is made up of 41 Siemens Mireo 3-car trains – coupled with Lot 1, the new Leipzig S-Bahn fleet comprises 195 Siemens Mireo cars, which will enter service in December 2026. The Lot 2 trains will initially be leased to Die Länderbahn GmbH (part of the Netinera Group of Companies in Germany).

The overall fleet will deliver a step-change in passenger experience and uplift to capacity, which will help support Germany’s growing demand for rail travel and transition away from other, less environmentally friendly modes of transport. The design has been specified to deliver all operational requirements of the network including features that support safe operation through the Leipzig Tunnel; optimised floor level to match different platform heights and operational performance for both S-Bahn services on the core section and regional on the outer sections.

The Siemens Mireo platform operates at up to 25% higher energy efficiency than trains with similar capacities and delivers climate-friendly mobility. The fleet will provide step-free access from a standard 550m platform and is designed with a gap bridging plate and sliding step to accommodate TSI PRM compliant access for all platform heights. The train exterior is marked for wheelchair users and bicycle spaces to facilitate passenger flow at busy stations.

These new EMUs will service the following lines:

Lot 1

  • S 4: Torgau – Eilenburg – Taucha – Leipzig Hbf. (lower level) – Oschatz – Riesa
  • S 6: Leipzig-Stötteritz – Leipzig Hbf. (lower level) – Leipzig-Messe – Naumburg
  • S 10: Schkeuditz – Leipzig Hbf. (upper level)


Lot 2

  • S 3: Halle Nietleben – Halle Hbf – Leipzig Hbf. (lower level) – Borna – Geithain
  • S 5: Halle Trotha – Halle Hbf – Leipzig/Halle Airport – Leipzig Hbf. (lower level) – Altenburg – Gößnitz – Zwickau or Glauchau
  • S 5X: Halle Trotha – Halle Hbf – Leipzig/Halle Airport – Leipzig Hbf. (lower level) – Altenburg – Werdau – Zwickau or Plauen


After its successful launch and now the second transaction in quick succession, Rock Rail and Infracapital will use its German Regional Rail platform to help deliver private infrastructure capital to Germany’s rolling stock market and support the country’s transition to net zero.

Mark Swindell, Chief Executive Officer at Rock Rail, said: “Rock Rail has been working in Germany since 2018 and has strong relationships with all the German regional public authorities, operators and manufacturers. We are delighted to have worked on our second deal in Germany with Infracapital and MEAG to lease Siemens Mireo trains to DB Regio and Die Länderbahn in the beautiful city of Leipzig. This specific opportunity has been 2 years in development and is a testament to the dedication and perseverance of Rock as well as the City of Leipzig. We will continue to work very hard with our operator partners to fund more fleets in Germany with Infracapital over the next few years”.

Priya Veerapen, Managing Director at Infracapital, said: “We are pleased to have secured this follow on investment in the Leipzig Central German S-Bahn Network 2025+ fleet alongside Rock Rail, which builds on our ongoing partnership and ambition to support the delivery of improved sustainable transport systems in a market which holds significant growth potential.”

Benjamin Hemming, Head of Illiquid Assets Debt at MEAG, said: “We are very pleased to support Rock Rail and Infracapital by arranging the senior debt financing for the fleet of Siemens Mireo trains to be deployed on the MDSB2025+ network. This underpins our ambition to substantially contribute to the modernisation of sustainable public transport in Germany. The technically advanced features of the new fleet will allow state-of-the-art passenger experience, increased capacity and an improved environmental footprint“.

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Rock Rail
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About Rock Rail

Rock Rail is an independent developer, owner and asset manager of rolling stock and other rail infrastructure.

Since 2016, it has secured £3.5 billion of institutional investment in new, state-of-the-art rolling stock across seven fleets of trains in the UK and Germany, helping transform passenger journeys and delivering enhanced value for money to the public sector.

Rock Rail provides a vehicle for institutional funders to invest their low-cost source of capital directly into the decarbonisation of public transport and aims to take key risks on behalf of operators.

About Infracapital

Infracapital invests in, builds and manages a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. We take an active role in all of our investments, whether nascent or large, to fulfil their potential and ensure they are adaptable and resilient. Our approach creates value for our investors, as we target investments with the scope for stable and sustainable growth. Our portfolio companies work closely with the communities where they are based, to the benefit of all stakeholders. Infracapital is well positioned to deliver the significant investment required to help build the future. The founder-led team of experienced specialists has worked with more than 60 companies around Europe and has raised and managed over €9 billion of client capital across seven funds.  Infracapital is part of M&G Plc, an international savings and investments business, managing money for around 5 million retail customers and more than 900 institutional clients in 38 offices worldwide. Total assets under management are £343.5 billion (as at 31 December 2023).