CBRE Investment Management is investing an undisclosed sum on behalf of one of its funds and some separately managed accounts to buy a bus operator in Sweden.
The manager said its private infrastructure team has signed an agreement to acquire Connect Bus, a well-established operator in the Swedish market with operations dating back to 1927.
Connect Bus has more than 900 vehicles, 30 depots and 1,130 employees across middle and southern Sweden.
The latest deal is the global real assets manager’s third infrastructure investment in Nordic bus operators, following the recently announced agreement to buy Norwegian transport firm Torghatten Land and the acquisition of Swedish regional and school bus operator Karlssonbuss in January this year.
Andreas Köttering, the head of private infrastructure, Europe, at CBRE Investment Management, said the acquisition of Connect Bus gives the manager an attractive opportunity to grow its Nordic bus transportation platform and invest in a growing, non-cyclical market.
“With a proven track record and solid industry relationships, Connect Bus is a strong addition to our platform and complements our existing Nordic bus operator investments.
“With our investment, we are able to assist with Connect Bus’ green transition and efforts to reduce commuter emissions.”
Christian Plyhm, group CEO at Connect Bus, said: “With CBRE Investment Management as a partner, we see excellent opportunities to develop our concept so that we can offer our customers and stakeholders green, sustainable transport solutions.”
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