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CBRE Investment Management acquires controlling interest in Norled

CBRE Investment Management (CBRE IM) is to take full ownership of Norwegian ferry and express boat operator Norled AS, after agreeing to acquire CapMan Infra’s holding in the business.

CBRE Investment Management (CBRE IM) is to take full ownership of Norwegian ferry and express boat operator Norled AS, after agreeing to acquire CapMan Infra’s holding in the business.

CBRE IM and Cayman Infra both acquired a 50% stake in Norled in 2019. CBRE IM is making the additional investment on behalf of a fund it sponsors as well as some of its separately managed accounts.
 
Norled is one of Norway’s four leading marine transportation companies with a fleet of 41 ferries and 30 express boats operating on availability-based contracts. The company has invested significantly in new types of vessels and eco-friendly technology, including hybrid and battery-driven vessels and the first hydrogen-electric ferry. Since 2019, Norled has invested cNOK2.5 billion into renewing its fleet, decreasing CO2 emissions by 30% from 2019 to 2021. Furthermore, the number of low and zero emission vessels in the company’s fleet has grown from two to 181.
 
Norled’s current management team, led by CEO Heidi Wolden, will continue to run the day-to-day operations.
 

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