FirstService announces acquisition and further expands commercial real estate offerings

Acquires one of North America's largest Commercial Real Estate Appraisal
and consulting firms, PGP Valuation Inc

TORONTO, Nov. 28 /CNW/ - FirstService Corporation (NASDAQ: FSRV;
TSX: FSV) today announced that it has expanded its Commercial Real Estate
Services platform by acquiring a majority interest in commercial real estate
appraisal and consulting firm, PGP Valuation Inc. Ken Harrison, President and
his senior management team will retain the balance of the equity and will
continue as partners in the business going forward. During the last twelve
months, PGP Valuation generated approximately $20 million in revenues. The
terms of the transaction were not disclosed.
PGP will become the exclusive commercial appraisal platform in the United
States for Colliers Macaulay Nicolls ("Colliers CMN"), a FirstService company.
Colliers CMN U.S. appraisal offices will be re-branded as PGP Valuation Inc.
over the coming months.
"The addition of PGP Valuation is another important step in our strategy
to provide a full suite of services to our clients in commercial real estate,"
said Doug Frye, President and CEO of Colliers CMN and Chairman of Colliers
International. "PGP's long history and strong reputation combined with its
state of the art appraisal technology and extensive comparable data interface
will be merged with our existing practice. We are excited about providing this
enhanced service through our extensive broker network."
Founded in 1978 as a partnership involving Don Palmer, Dave Groth and
Dave Pietka, PGP Valuation, headquartered in San Diego, California, is one of
the largest commercial real estate appraisal and consulting firms in the
country. With more than 125 professionals, operating from 8 offices including
Seattle, Portland, San Diego, Sacramento, Atlanta, Honolulu, Vancouver (WA)
and Las Vegas, PGP provides comprehensive, in-depth valuation and market
analysis to investors and owners of commercial real estate throughout the
United States.
"FirstService and Colliers CMN are perfect partners for PGP," said Ken
Harrison, President of PGP. "They have an enviable track record of success in
partnering with companies like ours to take them to the next level of
performance. We are confident PGP will accelerate its growth, both internally
and through acquisition, while maintaining its distinctive entrepreneurial
culture. This partnership is a win-win for everyone involved."
"Today's acquisition represents yet another investment in FirstService's
growing commercial real estate services platform as well as an important
strategic business initiative," said Jay Hennick, Founder and Chief Executive
Officer of FirstService. "Partnering with superb management teams like the one
at PGP, in specialty areas creates a unique advantage that allows FirstService
to further leverage our business and opportunities - an approach that has long
been the cornerstone to our success. We intend to continue investing for
long-term growth in this strong and growing industry segment."

About FirstService Corporation
------------------------------

FirstService is a leader in the rapidly growing property services sector,
providing services in the following areas: commercial real estate; residential
property management; property improvement; and integrated security services.
Market-leading brands include Colliers International in commercial real
estate; The Continental Group in residential property management; California
Closets, Paul Davis Restoration, Pillar to Post Home Inspections, and Certa
Pro Painters in property improvement; and Intercon Security and Security
Services & Technologies in integrated security.
FirstService is a diversified property services company with more than
US$1.4 billion in annualized revenues and more than 12,000 employees
worldwide. More information about FirstService is available at
www.firstservice.com.

About PGP Valuation Inc.
------------------------

PGP Valuation Inc. (www.pgpinc.com) is one of the largest players in the
commercial property valuations industry in America. With more than 125
professionals, operating from 8 offices including Seattle, Portland, San
Diego, Sacramento, Atlanta, Vancouver (WA), Honolulu and Las Vegas, PGP
provides comprehensive, in-depth valuation and market analysis to investors
and owners of commercial real estate throughout the United States.

About Colliers CMN & Colliers International
-------------------------------------------

Colliers CMN (www.colliersmn.com) is a leading international real estate
services company that provides a full range of services to commercial real
estate users, owners and investors worldwide. With annualized revenues in
excess of US$650 million, Colliers CMN is the largest member of the Colliers
International global network, one of the top three commercial real estate
service organizations in the world with annual revenues of US$1.4 billion. The
Colliers International global network has 241 offices in 54 countries
worldwide (130 in the Americas, 65 in Europe, Middle East and Africa and 46 in
Greater Asia).

FORWARD-LOOKING STATEMENTS

Certain statements included in this release constitute "forward-looking
statements" within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of FirstService, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others, the following: general economic and business conditions, which
will, among other things, impact demand for the FirstService's services,
service industry conditions and capacity; the ability of FirstService to
implement its business strategy, including FirstService's ability to acquire
suitable acquisition candidates on acceptable terms and successfully integrate
newly acquired businesses with its existing businesses; changes in or the
failure to comply with government regulations (especially safety and
environmental laws and regulations); and other factors which are described in
FirstService's filings with the U.S. Securities and Exchange Commission and
the Canadian regulatory authorities.