Deutsche Bahn’s long-distance passenger division (DB Fernverkehr AG) has completed a sale-and-leaseback deal worth €1 billion involving part of its high-speed ICE fleet.
According to IRJ, which reviewed the operator’s annual results, DB sold 25 brand-new ICE 3neo trains from the Class 408 series in November 2025 to a consortium led by BayernLB, together with Deutschen Anlagen-Leasing (DAL) and Siemens Financial Services (SFS).
DB has leased the trains back for an initial period of ten years, marking the first time the German operator has adopted this type of financing model for high-speed rolling stock. By the end of 2025, fourteen of the sale-and-leaseback transactions had already been completed under the agreement.
Unlike previous arrangements—such as those involving the Class 248.5 Vectron Dual Mode locomotives, where the buyer assumed maintenance—DB Fernverkehr remains responsible for maintaining the entire ICE 3neo fleet. Siemens is supplying a total of 90 units, around 50 of which are already in service on domestic and international routes.
Such operations typically aim to boost liquidity in the short term by providing an immediate cash inflow. While the new owners seek to recover their investment and generate a return, the scheme allows the operator to keep its trains in service through regular lease payments.