Board of Directors of Connect Bus Appoints Sverre Rosén as CEO

CBRE Investment Management (“CBRE IM”) announces the appointment of Sverre Rosén as the new Chief Executive Officer of Connect Bus AS, a portfolio company CBRE IM owns on behalf of a fund and separate accounts sponsored by the firm. Rosén joined Connect Bus on 2 January 2024.

Rosén, who has over 25 years of complementary experience, joins from Circle K where he was Head of Operations in Norway. He has also previously served as Chief Information Officer and Chief Technology Officer at two Nordic companies.

"We look forward to having Sverre lead Connect Bus. His broad expertise will be extremely valuable in growing our leading Nordic bus platform,” said Mimi Berdal, Chairperson of the Connect Bus Board.

“With Sverre at the helm, we believe Connect Bus will continue to improve performance for passengers, public transport authorities, employees and shareholders,” said Andreas Köttering, Head of Private Infrastructure, Europe at CBRE IM. “Fleet electrification, digitalisation and safety are at the core of Connect Bus’ strategy, and Sverre is well-equipped to lead Connect Bus on its journey to meet those targets and to deliver growth. Since CBRE IM’s 2021 investment, Connect Bus has significantly grown its EV bus fleet and expanded its footprint as one of the largest public transport operators across Scandinavia.”

Rosén added: "I am excited to lead Connect Bus. Together with the team, I will work to strengthen our core business, seek innovative solutions, and drive the transition to an increasing number of electric buses, in line with our goal of delivering sustainable public transportation."

CBRE IM acquired six formerly independent bus companies in 2021 and subsequently merged them as Connect Bus, one of Norway and Sweden’s largest public bus transportation operators. Connect Bus bids for long-term, index-linked bus services contracts with public transport authorities as counterparties and currently operates a fleet of about 2,500 buses. Since CBRE IM’s investment, the share of EV buses in operation has increased from 35 to over 300 vehicles, representing about 15% of total kilometres driven. The Company has seen notable tendering success in 2023, having been awarded 12 bus contracts during the year bringing year-to-date contract pipeline to over NOK 12 billion. EV buses will account for 60% of the upcoming fleet that will be rolled out over the next 2-3 years in line with CBRE IM’s thesis of creating a leading provider of sustainable public transport in Scandinavia.

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $144.2 billion in assets under management* as of September 30, 2023, operating in more than 30 offices and 20 countries around the world. Through its investor-operator culture, the firm seeks to deliver sustainable investment solutions across real assets categories, geographies, risk profiles and execution formats so that its clients, people and communities thrive.

CBRE Investment Management is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE), the world’s largest commercial real estate services and investment firm (based on 2022 revenue). CBRE has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE Investment Management harnesses CBRE’s data and market insights, investment sourcing and other resources for the benefit of its clients. For more information, please visit www.cbreim.com.

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