Cube Infrastructure Managers has concluded the largest co-investment program to date with Railpen’s entry into Verdis.
Railpen, one of the United Kingdom’s largest pension managers, has acquired a 25 percent stake in Verdis (formerly Urbaser Nordic), a Nordic municipal waste collection operator that was acquired by Cube in November 2023. Verdis delivers municipal waste collection services to more than 6 million people in approximately 100 municipalities across Denmark, Norway, Sweden and Finland.
Railpen has invested directly in Verdis, while two investors — a U.S. public pension fund and a Japanese institution — invested via Cube-managed co-investment vehicles.
“We are delighted to establish this partnership with Cube, marking a significant milestone for our infrastructure investment platform on behalf of the railways pensions schemes,” said Tim Grimstone, investment manager at Railpen. “Verdis represents an important addition to our Growth Infras