CB Richard Ellis Group Inc. said Tuesday that it has purchased its Danish affiliate, Cedarholm A/S, for $43 million in cash.

The move by the largest real estate company in the world is an effort to expand its presence in Scandinavia, Los Angeles-based CBRE said in a statement.

Cedarholm is one of Denmark’s largest real estate brokers and has been partnered with CBRE since 1999.

Shares in CBRE were up 2.7 percent to $19.94 in early trading Tuesday on the New York Stock Exchange.