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FirstService Adds Colliers International Germany Acquisition of Market-Leading Operations of Colliers Germany Strengthens Rapidly Growing European Commercial Real Estate Services Platform.
FirstService Corporation
announced today that its
subsidiary, Colliers International, has acquired controlling interests in
Colliers Schauer & Scholl and Colliers Brautigam & Kramer (collectively,
"Colliers Germany"), market leaders in Munich, Stuttgart and Berlin. Senior
management of both operations will retain the balance of the equity under
Colliers' unique enterprise partnership model. The acquisition of Colliers
Germany further strengthens Colliers' real estate services platform in
Europe and complements the recent acquisition of Colliers UK last year. The
terms of the transactions were not disclosed.
Colliers Germany provides investment sales, lease brokerage, property
management, corporate services, hotel consulting and valuation services to
local, regional, national and international clients in key markets of
Munich, Stuttgart, Berlin and through Colliers affiliates in Dusseldorf and
Frankfurt. The German operations generated approximately US$60 million in
revenue during 2012.
"Germany is one of the strongest and most established markets in Europe
representing an enormous opportunity," said Chris McLernon, CEO of the EMEA
for Colliers International. "Having a market-leading position in Germany is
essential to our strategy and will allow us to accelerate our growth
throughout the region and reinforce our capacity to serve clients locally
and on a global basis."
"Integrating our business with Colliers International was a natural step and
one that enables us to broaden our service offerings and further accelerate
our growth in Europe and internationally," said Achim Degen, who will
continue as Managing Partner of Colliers Germany. "While our senior
management team will remain the same, by leveraging our combined operations
and expertise with Colliers International we are better able to capitalize
on global mandates and deliver customized real estate services to our
clients seamlessly, anywhere in the world. All of us at Colliers Germany are
extremely excited about our new partnership and the opportunity to grow
together in the years to come."
"Our proven partnership model continues to be a key competitive advantage as
we strive to create value for our shareholders," said Jay S. Hennick,
Founder & CEO of FirstService Corporation. "Over the years, we have grown by
partnering with outstanding business leaders who have a passion for their
business and a desire to deliver exceptional service to their clients. Our
new partners at Colliers Germany are a tremendous addition and I also
welcome them into the growing FirstService family, he concluded.
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