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COPENHAGEN-Los Angeles-based CB Richard Ellis Group has acquired its affiliate company in Denmark for $43 million. The purchase of CBRE Cederholm strengthens CBRE’s platform in Scandinavia, by making the firm a wholly owned part of CBRE.

Cederholm had been an affiliate of CBRE since 1999. The business had been founded the prior year by Henrik Cederholm. With 60 employees, it has offices in Aarhus and Kolding, in addition to the capital city of Copenhagen.

CBRE 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.

“Denmark and the entire Nordic region is of strategic interest to our clients,” notes Mike Strong, president of CBRE Europe, Middle East and Africa in a prepared statement. “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.”

In a recent global market report, NAI Global found that Copenhagen’s commercial market was strong. The capital city has a commercial vacancy rate of less than 5%, the report says.

Henrik Cederholm, managing director at Cederholm notes that “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.”

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