CB Richard Ellis has increased its exposure in Scandinavia by purchasing its Danish affiliate, Cederholm, for $43m (£22m).

Cederholm, CBRE’s affiliate since 1999, employs 60 people and has offices in Copenhagen, Aarhus and Kolding.

According to Mike Strong, president of CBRE for the EMEA region, the company sees strong growth in the Danish property market, based on changing economic principle’s including ‘the erosion of the traditional preference for owner-occupancy among local companies, which has made sale-leaseback transactions an attractive option.’

Key building-block

He 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, managing director at Cederholm, said: ‘Full integration with the world’s largest commercial real estate services provider makes perfect sense for the future expansion of our business.’