CBRE Investment Management is buying CapMan Infra’s 50% stake in Norled to become the sole owner of the Norwegian ferry and express boat operator.
In 2019, CBRE IM and CapMan Infra each acquired a 50% stake in Norled, a marine transportation company which currently has a fleet of 41 ferries and 30 express boats.
Since 2019, Norled has invested NOK2.5bn (€251.6m) into renewing its fleet, decreasing CO₂ emissions by 30% from 2019 to 2021.
Andreas Köttering, the head of Europe private infrastructure at CBRE IM, said: “We believe Norled continues to be an attractive European transportation infrastructure investment opportunity due to the long-term availability-based contracts, which have contributed to the resilience of these assets, coupled with the support of the Norwegian government’s accelerated shift to green technologies.
“We have appreciated partnering with CapMan to grow Norled and now look forward to further advancing this pioneering ferry company.”
Ville Poukka, a managing partner at CapMan Infra, said: “Since acquiring the company, we have established Norled as a successful stand-alone business by strengthening the management team, organisation and tendering capabilities while investing significantly into decarbonisation of the fleet.
“The resilience of the business was further demonstrated during the COVID-19 pandemic, and we are proud to have won a significant new tender backlog, which forms the basis for Norled’s future success and continued investments into the green shift.”
CapMan Infra said the exit is the first from the CapMan Nordic Infrastructure I fund.
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