Press Release

CBRE Investment Management Acquires Major Public Transport and Access Mobility Bus Operator in Sweden

October 7, 2021


Media Contact

Helen Stott

Corporate Communications Director

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CBRE Investment Management, through its Private Infrastructure team, has signed an agreement to acquire Connect Bus, one of the largest privately owned bus operators in Sweden and the largest within Access Mobility Transport Services. This investment aligns with CBRE Investment Management’s commitment to delivering sustainable real asset solutions.

CBRE Investment Management is making the investment on behalf of one of its funds as well as certain separately managed accounts. The acquisition represents CBRE Investment Management’s third infrastructure investment in Nordic bus operators this year, following the September 2021 agreement to acquire Torghatten Land, one of Norway’s largest bus operators, and its January 2021 acquisition of Karlssonbuss, a leading bus operator in southern Sweden. Through the acquisition of Karlssonbuss and the proposed acquisitions of Torghatten Land and Connect Bus, CBRE Investment Management will establish a leading resilient and sustainable Nordic bus platform that benefits from long-term availability-based contracts with Public Transport Authorities (PTA) and expertise in operating EV buses.

With more than 900 vehicles, 30 depots and 1,130 employees across middle and southern Sweden, Connect Bus is a well-established operator in the Swedish market with operations dating back to 1927. Connect Bus provides availability-based contracted public bus and access mobility services to Public Transport Authorities (PTA) and school bus services to municipal authorities.

The bus operator is dedicated to sustainable transportation with the fleet currently running on biodiesel and compressed bio gas and, with the assistance of CBRE Investment Management, expects to transition its fleet to electric in the next five to 10 years.

“The acquisition of Connect Bus gives us an attractive opportunity to grow our Nordic bus transportation platform and invest in a growing, non-cyclical market. With a proven track record and solid industry relationships, Connect Bus is a strong addition to our platform and complements our existing Nordic bus operator investments,” commented Andreas Köttering, Head of Private Infrastructure, Europe, at CBRE Investment Management. “With our investment, we are able to assist with Connect Bus’ green transition and efforts to reduce commuter emissions. This not only is one of the key drivers for the growth of the Swedish public transport market, it is also in keeping with our own commitments to deliver sustainable real asset solutions.”

“We are very pleased that together with CBRE Investment Management and our new Nordic colleagues, we will create a platform with growth potential while at the same time continuing to be a stable and long-term player in the market” said Christian Plyhm, Group CEO at Connect Bus. “With CBRE Investment Management as a partner, we see excellent opportunities to develop our concept so that we can offer our customers and stakeholders green, sustainable transport solutions”,

The acquisition of Connect Bus is subject to customary closing conditions and regulatory approvals and is expected to close in Q4.

CBRE Investment Management was advised in this transaction by financial adviser, Deloitte, and legal counsel, Mannheimer Swartling. Connect Bus was advised by financial adviser, PwC, and legal counsel, Wistrand.

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $129.1 billion in AUM* as of June 30, 2021, 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 2020 revenue). CBRE has more than 100,000 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

*AUM refers to the assets under management, fair market value of real assets-related investments with respect to which CBRE Investment Management provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real assets-related loans. This AUM is intended principally to reflect the extent of CBRE Investment Management’s presence in the global real assets market, and its calculation of AUM may differ from the calculations of other asset managers and from its calculation of regulatory assets under management for purposes of certain regulatory filings.