Business
FirstService increases investment in emerging global markets
FirstService increases investment in emerging global markets.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\nSupports expansion of Colliers Southeast Europe (Greece, Bulgaria,\n\n\nCroatia, Serbia and Montenegro)\n\n\nIncreases its investment in Colliers International Brazil\n\n\nTORONTO, July 12 /CNW/ - FirstService Corporation (Nasdaq: FSRV; TSX:\nFSV) today announced that its subsidiary, Colliers Macaulay Nicolls Inc.\n("Colliers CMN"), which operates globally as Colliers International, has\ncompleted two important transactions in key emerging markets that strengthen\nthe size and breadth of its rapidly growing commercial real estate services\nbusiness.\n\n\nColliers CMN will provide growth capital to support the expansion of\nColliers Southeast Europe ("Colliers SEE") and invest in the implementation of\nenhanced operating and IT systems, marketing development and professional\ntraining programs, in this rapidly growing region within Colliers\nInternational. With seven offices in Greece, Bulgaria, Croatia, Serbia and\nMontenegro, Colliers SEE employs 130 professionals providing a broad portfolio\nof commercial real estate services including sales and leasing brokerage,\nproperty management, consulting, valuation and advisory services. Revenues\nduring the last twelve months totalled approximately US$10 million.\n\n\n"This investment in Colliers SEE is an important move for us and\ncomplements our existing operations in Poland, Czech Republic, Romania,\nHungary and Slovakia," said Doug Frye, Chief Executive Officer of Colliers CMN\nand Chairman of Colliers International. "We will work very closely with the\npartners of Colliers SEE to implement enhanced operating systems and share\nbest practices to better serve our clients in this important and growing\nregion."\n\n\n"The entire senior management team at Colliers SEE is excited about our\nnew partnership with Colliers CMN. Their robust global platform, rapidly\ngrowing Central and Eastern European operations and exceptional operating\nsystems will assist us in advancing our leadership position in our markets,"\nsaid Philip Bay, President and Chief Executive Officer of Colliers SEE. "With\ntheir proven track record, performance driven culture and financial and\noperating resources, we are confident that the backing of FirstService and CMN\nColliers will accelerate our growth well into the future."\n\n\nColliers CMN ...