Business
FirstService increases stake in Central and Eastern Europe
FirstService increases stake in Central and Eastern Europe.
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\n\nTORONTO, May 8 /CNW/ - FirstService Corporation (Nasdaq: FSRV; TSX: FSV)\ntoday announced that its subsidiary, Colliers Macaulay Nicolls Inc. (\"CMN\"),\nwhich operates globally as Colliers International, has increased its ownership\ninterest in its Central and Eastern European operation to approximately 80 per\ncent after the buyout of a non-active shareholder. The terms of the\ntransaction were not disclosed.\nColliers Central & Eastern Europe (\"CCEE\") includes operations in Poland,\nRomania, Czech Republic, Slovakia and Hungary, providing office, retail and\nindustrial investment and leasing advisory, valuation and consulting services.\nEstablished in 1992, CCEE employs 150 people, including 110 real estate\nprofessionals, and advised on over 400 sales and leasing transactions valued\nat more than US$800 million in 2005.\n\"We are very pleased to increase our stake in this great business.\nCentral and Eastern Europe is a region of tremendous growth and opportunity\nfor Colliers as its markets mature,\" said Doug Frye, Chief Executive Officer\nof CMN. \"The flow of investment capital from western businesses and investors\nis increasing due to the region's inclusion in the European Union and\nimproving transparency and sophistication in its markets, with CCEE well\npositioned to take advantage of the significant growth opportunities\".\n\"A stronger presence in commercial real estate services in Central and\nEastern Europe is an important part of our growth strategy as a global leader\nin the property services sector. We will continue to invest in this strong\nbusiness platform and excellent local management team to accelerate our growth\nand maintain our leadership position in this attractive market,\" added Jay S.\nHennick, Founder and CEO of FirstService.\nFirstService established its commercial real estate services platform\nwith the acquisition of an 83 per cent stake in CMN in late 2004. In November\nof 2005, CMN acquired an 82 per cent interest in Colliers Seeley\nInternational, Inc., a very important connection to FirstService's growing\nAsia Pacific operations including Australia, New Zealand, Hong Kong and China.\n\nAbout FirstService Corporation\nFirstService is a leader in the rapidly growing service sector, providing\nproperty related services in commercial real estate; residential property\nmanagem...