K&L Gates Advises Rock Rail Holdings Limited and Infracapital on Regional Passenger Rail Transport Project Elektronetz Nord Magdeburg (ENORM) in Germany

Global law firm K&L Gates LLP has advised Rock Rail Holdings Limited and Infracapital on the successful conclusion of an operating lease agreement for 16 three-car and 19 four-car Siemens Mireo electric regional passenger trains, along with the related comprehensive project agreements. This milestone follows the recent award of the “Elektronetz Nord Magdeburg” operating contract to DB Regio AG by the State of Saxony-Anhalt, represented by the Ministry of Digital Affairs and Infrastructure, represented by Nahverkehrsservice Sachsen-Anhalt GmbH (NASA GmbH).

The trains will be leased via Rock Rail ENORM Limited, a leasing company, to DB Regio AG enabling the provision of the transport services commissioned by the State of Saxony-Anhalt, the State of Brandenburg, Landesnahverkehrsgesellschaft Niedersachsen mbH and Regionalverband Großraum Braunschweig. Financing is provided through equity from Infracapital and Rock Rail and debt financing from various European infrastructure debt investors arranged by MEAG.

Rock Rail Holdings Limited is a UK-based independent developer, owner, asset manager and lessor of rolling stock and other rail infrastructure established in 2014. Since 2016, the company has acquired over £3 billion worth of rail assets.

Infracapital is part of M&G Plc and a leading European infrastructure investor, investing in, building and managing a diverse range of essential infrastructure to meet the changing needs of society and support long-term economic growth. 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. 

This includes advising Rock Rail and Infracapital on operating lease arrangements for multiple Lots of the MDSB 2025+ electric trains in 2023 and 2024, as well as on August 2025 transaction concerning operating lease agreements for battery-electric passenger trains, and providing advice to Rock Rail in the tendering process of the Westphalia-Lippe Local Transport Association (NWL) for the financing and provision of 61 new battery trains for the Northern Westphalia network via a leasing model, for which Rock Rail was awarded the contract in September 2025.

The team that advised Rock Rail Holdings Limited and Infracapital was jointly led by Frankfurt partner Dr. Frank Thomas and Munich counsel Anne Thümmel-Barz (both Banking & Asset Finance), supported by Munich senior associate Patrick Glück (Banking & Finance), Berlin partners Dr. Annette Mutschler-Siebert (Procurement Law) and Dr. Christian Hullmann (Public Law) and Berlin counsel Dr. Olaf Fiss (Intellectual Property (IP).