CBRE Group, Inc. (NYSE:CBG) has 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.”
John Olof Solberg, Managing Director, Atrium AS, added:
“We have enjoyed a very successful relationship with CBRE over the last 15 years. Now we look forward to being able to leverage the full benefits of the global service offering and brand for our clients, particularly in our fast growing capital markets and occupier outsourcing businesses as well as expanding into new areas.”
The acquisition is subject to customary approval from the Norwegian Financial Supervisory Authority and is expected to be completed by the end of April 2016.