Business
FirstService Expands Colliers International In Asia Pacific
FirstService Expands Colliers International In Asia Pacific.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\n\nAcquires Australia's PRDnationwide\n\nUpdates Outlook \n\nTORONTO, May 24 /CNW/ - FirstService Corporation (NASDAQ: FSRV; TSX: FSV)\ntoday announced that its subsidiary, Colliers Macaulay Nicolls Inc. (\"CMN\"),\noperating globally as Colliers International, has acquired PRDnationwide. The\nterms of the transaction were not disclosed.\nBased in Brisbane, Australia, PRDnationwide is a leading commercial and\nresidential real estate services firm, providing residential project\nmarketing, commercial brokerage, property management, and franchised\nresidential brokerage services. With 4 corporate offices and 150 franchised\nlocations across Australia, PRDnationwide advised on more than US$3 billion in\nreal estate transactions in 2005 and generated approximately US$20 million in\ncorporate revenues.\nThe combined company, which will operate as Colliers International,\ngenerated pro-forma revenues in excess of US$110 million for the 12 months\nended March 31, 2006, from 35 offices in Australia and New Zealand. In\naddition, system-wide sales generated by franchisees exceeded US$80 million.\n\"PRDnationwide's widely recognized project marketing skills and strong\nresidential franchise network, combined with CMN's market leading commercial\nreal estate expertise and international network, creates a compelling property\nservices company in the Australian marketplace,\" said Doug Frye, Chief\nExecutive Officer of CMN and Chairman of Colliers International. \"Together, we\nprovide unmatched service excellence and market knowledge that will accelerate\nthe success of our clients.\"\n\"This transaction represents another important investment in our growing\nglobal real estate services platform. It strengthens our position as the\nnumber one property services firm in the rapidly growing Asia Pacific region\nand allows us to further leverage our brand with additional services and a\ndeeper skill set across the region,\" said Jay Hennick, Founder and Chief\nExecutive Officer of FirstService. \"Colliers is well positioned for\naccelerated growth, both in Asia Pacific and around the world, as we continue\nto invest in our robust global service platform and excellent management\nteam.\"\n\nUpdated Financial Outlook\n-------------------------\n\nBased on the completion of the PRDnationwide acquisition, FirstService is\nupdating the outlo...