CBRE Investment Management is buying the bus division of Norwegian transport firm Torghatten for an undisclosed sum.

CBRE Investment Management, investing on behalf of one of its funds as well as some of its separately managed accounts, has agreed to buy Torghatten Land, one of Norway’s largest bus operators. 

Torghatten Land – which also has a presence in Sweden – comprises Norgesbuss, Trønderbilene, Torghatten Buss, Sørlandsruta, Fosen Verkstedservice and TTS Bil-og, Dekksenter. The company also has a presence in Sweden.

Andreas Köttering, the head of Europe private infrastructure at CBRE Investment Management, said: “Our continued investment into sustainable transport is also of significant importance to us as a business.

”With the fleet continuing to transition to electric within the next few years, we expect that we will be operating a transport business with a significantly reduced carbon footprint, which aligns with our ambitions to achieve carbon net-zero performance by 2040.”

The deal represents CBRE Investment Management’s third infrastructure investment completed in the Nordics since 2019.

Roger Granheim, CEO of Torghatten, said the board has over a period of time received inquiries from several parties for Torghatten Land.

”The transaction was therefore initiated on the back of several offers, and as such is not a result of an active and structured sales process,” Granheim said.

Granheim said the disposal will make Torghatten a pure play sea transportation company, with a continued focus on the further development of sustainable transportation by ferries and express boats.

Torghatten is owned by EQT and Nysnö Climate Investments.

To read the digital edition of the latest IPE Real Assets magazine click here.