CBRE Global Investor's infrastructure and private equity business unit has inked the first deal out of the newly launched CBRE Caledon London office, acquiring 50% of a Norwegian ferryboat operator.
CBRE Caledon Capital Management entered into an agreement with Nordic player CapMan Infra to acquire 100% of Norled, with each purchasing a 50% equity stake in the boat operator from Norway-based shipping company, Det Stavangerske Dampskibsselskab.
The US-headquarted real estate giant bought Canada's Caledon in August 2017 to expand into private equity and infrastructure. At the time, Ritson Ferguson, CEO of CBRE Global Investors, said: 'Infrastructure is a strategic component of an allocation to real assets, and we expect client demand for it will continue to increase.'
CBRE Caledon, which launched the London office in Septmber 2018, said it was making the investment on behalf of a fund sponsored by the firm, as well as its separately managed accounts.
'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,' said Andreas Köttering, partner, head of infrastructure, Europe at CBRE Caledon.
'I am pleased that CapMan Infra and CBRE Caledon, solid and professional owners, will be responsible for the further development of Norled in line with the company's business plan and investment plans,' said Yuhong Hermansen, majority owner and chairwoman of Det Stavangerske Dampskibsselskab.
Nordea Bank and RBC Capital Markets acted as joint financial advisers in the transaction. The transaction is subject to regulatory approvals and is expected to close by end of June 2019.
