CBRE GROUP, INC. enters into Agreement to Acquire Affiliate in Norway
- Planned Acquisition Further Boosts CBRE’s Presence in the Nordic region -
London/Oslo 30 March 2016 – CBRE Group, Inc. (NYSE:CBG) today announced that it has entered into an agreement to acquire its affiliate company in Norway, Atrium AS, responding to increased demand from clients targeting commercial real estate opportunities across the Nordic countries.
Upon completion, the acquisition will significantly strengthen CBRE’s presence in the Nordic countries and enable the company to capitalize on increasing real estate activity in the region. The transaction will also enable CBRE to align its recently expanded occupier outsourcing business, Global Workplace Solutions, with Atrium’s existing capabilities in this area.
Norway has a strong, open economy with abundant natural resources, and enjoys one of the world’s highest living standards with the fourth-highest GDP per capita globally. This has also enabled the country to build the world’s third largest sovereign wealth fund. Norway attracted a record €13.4 billion of commercial real estate investment in 2015, overtaking Sweden at the end of the year to become the largest Nordic property market.
Atrium was founded in 1993 and became a CBRE affiliate in 2000. Today the company is led by Managing Director John Olof Solberg and provides investment, leasing, occupier and valuation services to local and international clients. The companies have had a highly collaborative relationship over the years, particularly with regard to Atrium’s fast-growing occupier outsourcing and capital markets businesses. The companies have worked together across a number of investment mandates, which include one of Europe’s largest single-asset transactions in 2015, the sale and leaseback of Statoil’s 1.1 million sq. ft. global headquarters in Stavanger.
Martin Samworth, CEO, EMEA, CBRE, said:
“This acquisition will consolidate our presence in an important region where both investors and corporate occupiers are increasingly active. Atrium has built an exceptional reputation and client base and this acquisition will allow us to enhance the services we provide to clients, many of whom are targeting Norway for its growth potential. We have an extremely collaborative relationship with Atrium and look forward to expanding our Nordic and Norwegian service offering together.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 165 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, business rates and compulsory purchase, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.