Business
FirstService expands Colliers International commercial real estate business
FirstService expands Colliers International commercial real estate business.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\n\nTORONTO, Nov. 29 /CNW/ - FirstService Corporation (NASDAQ: FSRV;\nTSX: FSV.SV) today announced that its subsidiary, Colliers Macaulay Nicolls\nInc. (\"CMN\"), which operates globally as Colliers International (\"Colliers\nInternational\"), has acquired an 82% interest in Colliers Seeley\nInternational, Inc. (\"Colliers Seeley\") with senior management, active brokers\nand employees retaining the balance of the equity. The terms of the\ntransaction were not disclosed.\nBased in Los Angeles, Colliers Seeley is one of the leading commercial\nreal estate services companies in the region, advising on more than\nUS$3 billion in commercial real estate transactions annually, from a network\nof 138 brokers in 12 offices in Southern California. Colliers Seeley generated\napproximately US$60 million in revenues during the last 12 month period.\n\"We are thrilled to welcome into our organization an outstanding company\nwith a long tradition of excellence in commercial real estate advisory\nservices,\" said Doug Frye, Chief Executive Officer of CMN and Chairman of the\nInternational Governing Committee of the Colliers International global\nnetwork. \"We have worked with the senior managers and active brokers of\nColliers Seeley for many years and we are confident they will play an\nimportant role in the growth and development of our company in the future.\nColliers Seeley is not only a significant player in the important Los Angeles\nmarket but also has a very important connection to our growing Asia Pacific\noperations including Australia, New Zealand, Hong Kong and China.\"\n\"The acquisition of Colliers Seeley is another important step in our\ngrowing global commercial real estate services platform,\" said Jay Hennick,\nFounder and Chief Executive Officer of FirstService. \"With the addition of\nColliers Seeley, our Colliers International commercial real estate services\nbusiness now generates more than US$400 million in annual revenue from\n100 offices in 21 countries around the world. Our management team is among the\nbest in the industry and we look forward to working closely with them to\nsupport the growth of this business internally and through acquisition in the\nfuture.\"\n\"The shareholders of Colliers Seeley are extremely excited to be\npartnering with CMN and FirstService while remaining significant shareholders\nin t...