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CBRE has entered into an agreement to acquire Atrium, its affiliate company in Norway, following increased demand from clients targeting commercial real estate opportunities across the Nordic countries.

'This acquisition will consolidate our presence in an important region where both investors and corporate occupiers are increasingly active,' said Martin Samworth, CEO of CBRE's European business. '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.'

Norway attracted a record €13.4 bn of commercial real estate investment in 2015, overtaking Sweden at the end of the year to become the largest Nordic property market. A significant portion of that figure was generated by cross-border investors. The country 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.

The Nordic region as a whole likewise turned in a strong performance last year. Transaction volumes reached €40.4 bn in 2015, of which cross-border buyers accounted for €13.3 bn (33% of the volume), according to figures from Pangea Property Research.

This represents an increase of more than 110% compared to the level of cross-border investments in 2014.

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.

CBRE and Atrium have worked together over the years, particularly with regard to Atrium’s fast-growing occupier outsourcing and capital markets businesses. The companies have cooperated on a number of investment mandates, which include one of Europe’s largest single-asset transactions in 2015, the sale-and-leaseback of Statoil’s 102,000 m2 global headquarters in Stavanger. US investor Colony Capital acquired the property for NOK 2.5 bn (now €260 mln)in June 2015.

Local Nordic partners are also beefing up their presence in the region. Earlier this year, Pangea Property Partners, with offices in Stockholm, Oslo and London, and Helsinki-based Mrec announced they have entered into a cooperation on a project basis in order to take advantage of the increase in cross-border property transactions in the Nordic region.