CapMan Infra, CBRE invests in Norwegian ferry and express boat operator Norled

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A consortium of CapMan Infra and CBRE Caledon Capital Management have entered into an agreement to acquire Norled, a leading ferry and express boat service provider with operations across Norway. The investment is the first for the CapMan Nordic Infrastructure I fund and CapMan Infra’s first transportation infrastructure investment.

CapMan Infra and CBRE Caledon are each acquiring a 50% equity stake in the company from Det Stavangerske Dampskibsselskab (DSD).

Founded in 1855, Norled employs over 1,000 people and is a leader in innovative and environmentally friendly transportation services, recently winning several contracts to operate ferry and express boat routes with zero-emission electric vessels. Norled is also building the world’s first hydrogen ferry. The Norwegian ferry sector represents an attractive investment prospect with compelling infrastructure characteristics and an opportunity to invest in environmental improvements in the company’s fleet. Norled is one of Norway’s largest ferry and express boat transportation companies with a fleet of 59 ferries and 28 express boats that transport more than 17 million passengers and 9 million cars annually, backed by long-term contracts with public transport authorities.

CapMan Infra’s investment focus is core and core+ infrastructure assets with limited market or contractual risks in the energy, transportation and telecom sectors. CapMan Infra held the first close on its midcap Nordic infrastructure fund in October 2018. The CapMan Infra team comprises 7 investment professionals and operates from Helsinki and Stockholm with a total of 70 years of sector experience. The team has previously completed investments on a mandate basis in Nordic infrastructure opportunities.

Nordea Bank Abp, filial i Norge, C&IB and RBC Capital Markets acted as the consortium’s joint financial advisers in the transaction. The transaction is subject to regulatory approvals and is expected to close by end of June 2019.

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