CapMan Infra exits 50% share in Norled as CBRE IM takes full control

• The exit is the first from the CapMan Nordic Infrastructure I fund
• Norled is one of Norway’s four leading marine transportation companies
• Norled’s management team, led by CEO Heidi Wolden, will run day-to-day operations.

CapMan Infra announced on Tuesday that it has exited Norwegian marine transportation company Norled. CBRE Investment Management has bought CapMan Infra’s 50% stake. CBRE and CapMan each acquired a 50% stake in Norled in 2019. The exit is the first from the CapMan Nordic Infrastructure I fund.

Norled is one of Norway’s four leading marine transportation companies. It has a fleet of 41 ferries and 30 express boats and has been investing in new types of vessels and eco-friendly technologies.

Stavanger-headquartered Norled has invested approximately €250 million into renewing its fleet since 2019, decreasing CO2 emissions by 30% from 2019 to 2021. The number of low and zero emission vessels in the company’s fleet has grown from two to 18.

”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,” said Ville Poukka, managing partner at CapMan Infra. “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. It has been an honour to work with Norled’s dedicated employees and management team.”

CapMan is headquartered in Helsinki and invests across real estate, private equity and infrastructure. It has over €4.8 billion in assets under management. CapMan Nordic Infrastructure I Fund raised €190 million and is actively investing.

CBRE Investment Management is a global real assets invest management firm with approximately €145 billion in assets under management as of 30 June.

“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,” said Andreas Köttering, head of European private infrastructure, CBRE Investment Management. “We have appreciated partnering with CapMan to grow Norled and now look forward to further advancing this pioneering ferry company.”

Norled’s management team, led by CEO Heidi Wolden, will run the day-to-day operations.