CBRE Investment Management Acquires CapMan Infra’s Stake to become 100% Owner of Leading Norwegian Ferry and Express Boat Operator Norled

August 9, 2022


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Helen Stott

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CBRE Investment Management (CBRE IM) and CapMan Infra, which each acquired a 50 per cent. stake in leading Norwegian ferry and express boat operator Norled AS in 2019, have now entered into an agreement for CBRE IM to acquire the entire stake managed by CapMan. CBRE IM is making the 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. A leader in innovative and environmentally friendly transportation solutions, Norled 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 c. NOK 2.5bn 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.

Water transportation is an essential part of Norwegian infrastructure, and the Norwegian government has set and is supporting ambitious targets for transport companies to transform the sector from diesel to renewable electric and hydrogen solutions. Norled intends for most of its fleet to be carbon emission-free within the next decade.

“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,” commented Dr. Andreas Köttering, Head of Europe 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 current management team, led by CEO Heidi Wolden, will continue to run the day-to-day operations.

“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. 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,” said Ville Poukka, Managing Partner at CapMan Infra.

“We are pleased that CBRE IM strengthens and continues the ownership of the company. CBRE IM has proved to be a long-term owner committed to further investments in zero- and low emissions solutions within our industry. Together we will work to ensure that most of our fleet is carbon emission-free within the next decade,” says Heidi Wolden, CEO of Norled.

The transaction is subject to regulatory approvals and is expected to close later this year.

About CBRE Investment Management
CBRE Investment Management is a leading global real assets investment management firm with $146.9 billion in assets under management2 as of June 30, 2022, 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 2021 revenue). CBRE has more than 105,000 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

About CapMan
CapMan is a leading Nordic private asset expert with an active approach to value creation. As one of the private equity pioneers in the Nordics we have built value in unlisted businesses, real estate, and infrastructure for over three decades. With over to €4.8 billion in assets under management, our objective is to provide attractive returns and innovative solutions to investors. We are dedicated to set science-based targets to reduce our greenhouse gas emissions in line with the Paris Agreement. We have a broad presence in the unlisted market through our local and specialised teams. Our investment strategies cover minority and majority investments in portfolio companies and real estate, and infrastructure assets. We also provide wealth management solutions. Our service business includes procurement and analysis, reporting and back office services. Altogether, CapMan employs approximately 180 professionals in Helsinki, Stockholm, Copenhagen, Oslo, London and Luxembourg. We are listed on Nasdaq Helsinki since 2001. Read more at

1. Includes Electrical, Hydrogen and Hybrid vessels. Bio-fuel not included. The vessel number and investment estimates are per 2Q2022.
2. Assets under management (AUM) refers to the 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.