CBRE Caledon Capital Management and CapMan Infra have acquired Norwegian ferry and express boat operator Norled for an undisclosed sum.
The firms are each acquiring a 50% equity stake in Norled, which holds a fleet of 59 ferries and 28 express boats, from Norway-based shipping firm Det Stavangerske Dampskibsselskab.
CBRE Caledon is making the investment on behalf of a fund sponsored by the firm as well as its separately managed accounts. This investment represents the first investment completed by CBRE Caledon’s London office, which opened in September last year.
The investment is the first for the CapMan Nordic Infrastructure I fund and CapMan Infra’s first transportation infrastructure investment.
Andreas Köttering, partner, head of infrastructure, Europe at CBRE Caledon, said: “Norled represents an attractive investment opportunity given the availability-based, index-linked nature of cash flows, the company’s market-leading position, and the increasingly green credentials of the Norwegian ferry industry.
“Furthermore, we have been very pleased with the collaboration with CapMan. Their local insight and Nordic experience combined with our experience in the transportation sector positions us well to continue developing Norled.”
Ville Poukka, managing partner at CapMan Infra, said: “The Norwegian ferry industry is a critical part of the country’s transportation infrastructure. We believe that the green shift in the industry further highlights sea transportation as a sustainable solution, supporting both the connectivity within and between regions for daily commuters and leisure travellers, while creating jobs and local and national economic growth.
“CBRE Caledon has proven to be a great partner to CapMan in this investment given their experience in the ferry sector, competent team and deep understanding in infrastructure investing.”
Yuhong Hermansen, majority owner and chairwoman of Det Stavangerske Dampskibsselskab, said: “This transaction comes at a time when the Norwegian ferry and express boat industries are undertaking major investments in new, environmentally friendly technologies.
“Norled’s dedicated employees have for many years proven their capacity to remain at the forefront of the green shift within the sector, and I’m sure that with the new owners, Norled will continue its positive development and will prosper in the years to come.”
The transaction is subject to regulatory approvals and is expected to close by end of June 2019.