State Institute for Rail Vehicles Schleswig-Holstein

ZUG.SH, formally the Landesanstalt Schienenfahrzeuge Schleswig-Holstein (State Institute for Rail Vehicles Schleswig-Holstein), is a public-law institution (Anstalt öffentlichen Rechts, AöR) established in July 2024 by the German state of Schleswig-Holstein. Its purpose is to finance, own, and lease modern passenger trains for regional rail services in the state. By borrowing at favourable terms—including from the European Investment Bank—and renting the vehicles to railway operating companies, ZUG.SH aims to promote competition on the rails while reducing public costs. The institute is the owner of the rolling stock it procures, which distinguishes it from traditional state procurement models. Its core activities include conducting Europe-wide loan competitions, monitoring train construction progress, ensuring vehicle quality in operation, leasing trains to railway undertakings, and managing assets and treasury. ZUG.SH works closely with NAH.SH, the state's public transport authority, and other partners. In its first major procurement, the French manufacturer Alstom was awarded a contract to supply 42 modern multiple units and to handle their maintenance, with operations scheduled to begin in December 2027. The institute is based in Schleswig-Holstein and operates as a state-owned entity, not listed on any stock exchange.

The Landesanstalt Schienenfahrzeuge Schleswig-Holstein (ZUG.SH) was founded in July 2024 as a public-law institution (Anstalt öffentlichen Rechts) by the state of Schleswig-Holstein. Its creation was driven by the need to modernise and expand the regional rail fleet while managing financial and operational risks more efficiently. Unlike traditional models where transport authorities or operators procure trains directly, ZUG.SH takes on the role of owner and lessor. It can raise loans at favourable conditions, including through Europe-wide loan competitions and from the European Investment Bank, and then lease the vehicles to railway operating companies in Schleswig-Holstein at low cost. This structure is intended to foster competition among train operators and reduce the overall financial burden on the state. In its first major procurement, ZUG.SH awarded a contract to the French manufacturer Alstom for 42 modern multiple units, with Alstom also responsible for maintenance. The new trains are scheduled to enter service in December 2027. ZUG.SH works closely with NAH.SH, the state's public transport authority, and other partners to ensure the successful delivery and operation of the fleet. The institute's activities encompass financing, controlling of construction progress, quality assurance, leasing, and asset and treasury management.

• Founded as Landesanstalt Schienenfahrzeuge Schleswig-Holstein (ZUG.SH).

• Awarded contract to Alstom for 42 modern multiple units and maintenance.

• Planned start of operation for the new trains.

Public-law financing and leasing institute that owns rolling stock to foster competition and save public funds.

• Rail vehicle financing

  Conducting Europe-wide loan competitions and borrowing from the European Investment Bank.

• Rail vehicle leasing

  Leasing trains to railway operating companies and using rental income to repay loans.

• Asset and treasury management

  Managing the rolling stock assets and financial treasury.

1. 1Moderne Züge für Schleswig-Holstein • ZUG.SHzugsh.de
2. 2Wikidata entry for Landesanstalt Schienenfahrzeuge Schleswig-Holsteinwikidata.org