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  • [ Case Studies ]
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  • [ FINANCIAL ADVISORY ]

VMS – Chemnitzer Model Financing


Challenge
VMS required financing for a multi-asset transaction, including:
  • Procurement of a new fleet of 11 Stadler TramTrains.
  • Construction of a new maintenance depot in Chemnitz, including land acquisition.
  • Refinancing an intercompany loan for an existing depot maintaining Alstom EMU and BEMU trains.
The complexity of the transaction required securing over EUR 150 million in financing while integrating multiple assets under a single structured financial solution.
  • Client's profile
    Verkehrsverbund Mittelsachsen (VMS) organises regional and urban passenger rail transport for the City of Chemnitz and the Central Saxonian region on behalf of publicly owned Zweckverband (ZVMS). VMS utilises a unique financial structure to acquire regional passenger trains and depots without direct recourse to public credit.
Approach
Apex Rail, following its successful financing of Alstom Coradia battery-electric trains for VMS in 2019, was engaged as the exclusive financial advisor. Our role included:
  • Structuring a Competitive Financing Model: Designing a multi-asset financial solution to attract top-tier institutional lenders.
  • Managing a Two-Stage Financing Auction: Preparing all relevant materials and running a competitive bidding process.
  • Due Diligence Coordination: Overseeing rolling stock FMV appraisals and comprehensive evaluations for the new maintenance depot.
  • Negotiation & Documentation Support: Managing contract negotiations and ensuring compliance until Financial Close.
Results & Impact
  • Secured Over EUR 150 Million in Funding: Financing was successfully raised from the European Investment Bank (EIB) and leading infrastructure banks KfW-IPEX and NordLB.
  • Enabled Strategic Fleet Expansion: Facilitated the acquisition of new TramTrains and ensured long-term operational efficiency.
  • Optimised Financial Structure: Integrated refinancing of the existing depot, enhancing financial sustainability for VMS.
By successfully structuring and executing this financing solution, Apex Rail reinforced its expertise in complex, multi-asset infrastructure funding, positioning VMS for long-term growth and modernisation.

Markus Fröhlich

Managing Director in Apex Rail