CBRE Group, Inc. Enters into Agreement to Acquire Affiliate in Norway
| March 30, 2016
Planned Acquisition Further Boosts CBRE's Presence in the Nordics
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 Nordics.
Upon completion, the acquisition will significantly strengthen CBRE’s presence in the Nordics 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 Nordics 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.
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 (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
“Safe Harbor” Statement Under the U.S. Private Securities Litigation Reform Act of 1995
Certain of the statements in this release regarding the acquisition of Atrium AS that do not concern purely historical data are forward-looking statements within the meaning of the ''safe harbor'' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements involve risks and uncertainties, including, but not limited to, CBRE’s ability to consummate the Atrium acquisition (and the timing thereof) and to successfully integrate Atrium with its existing operations in the Nordics and across EMEA, as well as other risks and uncertainties discussed in CBRE’s filings with the U.S. Securities and Exchange Commission (SEC). Any forward-looking statements speak only as of the date of this release and, except to the extent required by applicable securities laws, CBRE expressly disclaims any obligation to update or revise any of them to reflect actual results, any changes in expectations or any change in events. If CBRE does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements. For additional information concerning factors that may cause actual results to differ from those anticipated in the forward-looking statements and risks to CBRE’s business in general, please refer to CBRE’s SEC filings, including its Annual Report on Form 10-K for the fiscal year ended December 31, 2015. Such filings are available publicly and may be obtained off CBRE's website at www.cbre.com or upon request from the CBRE Investor Relations Department at [email protected]