CBRE Investment Management and CapMan Infra, which each acquired a 50% stake in Norwegian ferry and express boat operator Norled AS in 2019, have now entered into an agreement for CBRE IM to acquire the entire stake managed by CapMan.
CBRE IM is making the investment on behalf of a fund it sponsors as well as some of its separately managed accounts.
The timing of the initial investment looked inauspicious given the onset of the covid-19 pandemic was to have a huge impact on travel businessses, yet Nordic weathered the storm.
Ville Poukka, managing partner at CapMan Infra explained: ‘Since acquiring the company, we have established Norled as a successful stand-alone business by strengthening the management team, organisation and tendering capabilities.’
Meanwhile, the fleet has been 'decarbonised'.
‘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.’
‘The company is now well placed to deliver long-term value under CBRE IM’s ownership.’
