Business
FirstService investments in Colliers Russia & Ukraine
Rapidly growing Colliers Russia complements recent growth in South East Europe Now established in...
About this update from Firstservice Corp
[{"type":"text","content":"\n\n\n\nRapidly growing Colliers Russia complements recent growth in South East\n\n\nEurope\n\n\nNow established in all high-growth BRIC markets - Brazil, Russia, India,\n\n\nChina\n\n\nTORONTO, Nov. 8 /CNW/ - FirstService Corporation (Nasdaq: FSRV/TSX: FSV &\nFSV.PR.U) today announced that its subsidiary, Colliers Macaulay Nicolls Inc.,\nwhich operates globally as Colliers International ("Colliers CMN"), has\ncompleted a significant investment in Colliers Russia and Colliers Ukraine.\nThis important transaction compliments Colliers CMN's recent investments in\nColliers South East Europe and further strengthens the size and breadth of its\nrapidly growing global commercial real estate services business.\n\n\n"The opportunity to invest in a high growth, emerging market such as\nRussia and the Ukraine is an important part of our long-term growth strategy\nand another step in developing our leadership position in key global markets,\nwhich now includes operations in all four high-growth BRIC economies," said\nJay Hennick, Founder and Chief Executive Officer of FirstService. "Having\nknown and worked with the management team of Colliers Russia and the Ukraine\nfor more than ten years, we are confident that this operation will integrate\ninto our global platform and will create significant long-term value for our\nshareholders," he concluded.\n\n\nColliers CMN will provide important growth capital to support the rapid\nexpansion of Colliers Russia and Colliers Ukraine and will invest in the\nimplementation of enhanced operating and information systems, marketing\ndevelopment and professional training programs. With three offices in Moscow,\nSt. Petersburg, and Kiev (Ukraine), Colliers Russia and Colliers Ukraine\ntogether employ more than 250 professionals providing a broad portfolio of\ncommercial real estate services including sales and leasing brokerage,\nproperty management, consulting, valuation and advisory services. Revenues\nduring the last twelve months totalled approximately US$20 million.\n\n\n"Our investment in Colliers Russia and Colliers Ukraine continues to\nexpand our presence in key strategic global markets, as well as increasing our\nregional leadership in Europe, now including 13 countries and 16 cities - from\nRussia in the North to Greece in the South," said Doug Frye, ...