CBRE Investment Management Secures over €700 million Financing Facilities for Private Infrastructure Portfolio Company Norled AS

CBRE Investment Management (‘CBRE IM’) and its private infrastructure portfolio company Norled AS (‘Norled’ or the ‘Company’) have secured c. NOK 8.2 billion (€700 million) to refinance Norled’s existing debt facilities and support the growth of the business.

The Company has secured NOK 4.9 billion (€425 million) in initial term debt, a NOK 2.8 billion (€240 million) capital expenditure facility, and a NOK 0.5 billion (€43 million) revolving credit facility. The financing parties include DNB, SEB, Swedbank, Allianz Global Investors, LBBW, BNP Paribas, Pareto Alternative Investments, Siemens Financial Services through Siemens Bank and Eksfin (Export Finance Norway).

Norled is a leading express boat and ferry operator in Norway providing essential transportation across the country. The company is a pioneer in delivering technology that decarbonises maritime transportation with half its operating fleet already operating with low and zero emissions vessels.

Commenting on the transaction, Heidi Wolden, Chief Executive Officer of Norled, said:
“This refinancing is an important milestone for Norled, which enables us to continue growing in the Norwegian ferries and express boats segment and facilitates continuous investment for further decarbonisation of our vessel fleet.”

CBRE IM’s Private Infrastructure Head of Europe, Andreas Köttering, added: “We are delighted to have completed this comprehensive refinancing. The new financing materially extends the debt maturity profile to 2030 which will support Norled’s growth plans and the transition of its fleet to sustainable maritime transportation.

In addition, it has also provided us the opportunity to maintain and cement key existing Nordic lending relationships whilst also welcoming a new and diverse pool of other European creditors. We thank all lenders for their support.”

Norled was advised by Rothschild & Co as Financial Adviser, Clifford Chance as Legal Adviser, and Thommessen as Local Counsel.

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.

*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.

About Norled
Norled AS is one of Norway’s leading marine transportation companies with a fleet of ferries and express boats operating primarily 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-electric driven vessels and the world’s first ferry using liquid hydrogen fuel.