LOS ANGELES--(BUSINESS WIRE)--CB Richard Ellis Group, Inc. (NYSE:CBG) has announced the acquisition of its affiliate company in Denmark, CB Richard Ellis Cederholm A/S (“Cederholm”), one of that country’s largest commercial real estate services companies.
(Photos: Henrik Cederholm, top left; Mike Strong, top right)
The purchase price is approximately $43 million. The acquisition significantly strengthens CB Richard Ellis’ platform in Scandinavia by giving the Company a wholly-owned position in one of the region’s most active property markets.
The purchase price is approximately $43 million. The acquisition significantly strengthens CB Richard Ellis’ platform in Scandinavia by giving the Company a wholly-owned position in one of the region’s most active property markets.
Cederholm has been CB Richard Ellis’ affiliate in Denmark since 1999, and this transaction reflects the Company’s strategy of acquiring affiliate companies in global markets with high growth potential. Founded in 1998 by Henrik Cederholm, the business employs approximately 60 people, has three offices located in Copenhagen, Aarhus and Kolding and delivers a full service offering to clients.
CB Richard Ellis foresees strong growth in the Danish property market. One notable trend is the erosion of the traditional preference for owner-occupancy among local companies, which has made sale-leaseback transactions an attractive option. The popularity of sale-leasebacks, alongside strong economic growth, are expected to continue to draw a growing number of international investors to both Denmark and the wider Scandinavian region.
Mike Strong, (photo top right) President of CB Richard Ellis, EMEA, said: "Denmark and the entire Nordic region is of strategic interest to our clients. Cederholm is a well established business with an excellent reputation and strong market position in Denmark. This transaction is a key building-block in the development and expansion of our operations across Scandinavia.”
Henrik Cederholm, (photo top left) Managing Director at Cederholm, added: “Full integration with the world’s largest commercial real estate services provider makes perfect sense for the future expansion of our business. CB Richard Ellis’ global platform and strength in the marketplace will now give us an enhanced opportunity to grow our position both in Denmark and internationally. Both companies’ clients will benefit enormously from our combined expertise at a time of increased interest and activity in Denmark’s commercial real estate market.”
Contacts:
CB Richard Ellis Group, Inc.
Kenneth Kay,
Senior Executive Vice President and Chief Financial Officer
310-405-8905
or
Steve Iaco,
Senior Managing Director
Corporate Communications
212-984-6535
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