FirstService expands Colliers International commercial real estate business

TORONTO, Nov. 29 /CNW/ - FirstService Corporation (NASDAQ: FSRV;
TSX: FSV.SV) today announced that its subsidiary, Colliers Macaulay Nicolls
Inc. ("CMN"), which operates globally as Colliers International ("Colliers
International"), has acquired an 82% interest in Colliers Seeley
International, Inc. ("Colliers Seeley") with senior management, active brokers
and employees retaining the balance of the equity. The terms of the
transaction were not disclosed.
Based in Los Angeles, Colliers Seeley is one of the leading commercial
real estate services companies in the region, advising on more than
US$3 billion in commercial real estate transactions annually, from a network
of 138 brokers in 12 offices in Southern California. Colliers Seeley generated
approximately US$60 million in revenues during the last 12 month period.
"We are thrilled to welcome into our organization an outstanding company
with a long tradition of excellence in commercial real estate advisory
services," said Doug Frye, Chief Executive Officer of CMN and Chairman of the
International Governing Committee of the Colliers International global
network. "We have worked with the senior managers and active brokers of
Colliers Seeley for many years and we are confident they will play an
important role in the growth and development of our company in the future.
Colliers Seeley is not only a significant player in the important Los Angeles
market but also has a very important connection to our growing Asia Pacific
operations including Australia, New Zealand, Hong Kong and China."
"The acquisition of Colliers Seeley is another important step in our
growing global commercial real estate services platform," said Jay Hennick,
Founder and Chief Executive Officer of FirstService. "With the addition of
Colliers Seeley, our Colliers International commercial real estate services
business now generates more than US$400 million in annual revenue from
100 offices in 21 countries around the world. Our management team is among the
best in the industry and we look forward to working closely with them to
support the growth of this business internally and through acquisition in the
future."
"The shareholders of Colliers Seeley are extremely excited to be
partnering with CMN and FirstService while remaining significant shareholders
in the business going forward," said Thomas Taylor, President of Colliers
Seeley. "The management team at CMN has a demonstrated track record of success
as a global industry leader and they understand the importance of recruiting,
training and motivating key people in our business. CMN will help accelerate
our growth by providing us access to their significant information technology
resources and systems, unique industry leading training programs, and a
variety of other specialized management tools. The combination of CMN and
FirstService gives us access to the resources of a larger global organization
while preserving our autonomy to be effective decision makers in our business
and local markets. We could not have found better partners."
Kerlin Capital Group (www.kerlincapital.com), a private investment bank
in Los Angeles, advised Colliers Seeley and its shareholders on the
transaction.

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

FirstService is a leader in the rapidly growing service sector, providing
services in the following areas: commercial real estate; residential property
management; integrated security systems; property improvement and business
services. Market-leading brands include Colliers International in commercial
real estate; Continental Property Group in residential property management;
Intercon Security and Security Services and Technologies in integrated
security; California Closets, Paul Davis Restoration, Certa Pro Painters and
Pillar to Post Home Inspections in property improvement; and Resolve
Corporation in business services.
FirstService is a diversified service company with more than
US$1.2 billion in annual revenues and more than 18,000 employees worldwide.
More information about FirstService is available at www.firstservice.com.

About CMN and Colliers International
------------------------------------

CMN is a leading international real estate services company that provides
a full range of services to commercial real estate users, owners and investors
worldwide. These services include brokerage, mortgage banking, property
management, hotel investment sales and consulting, corporate services,
valuation, consulting and appraisal, and research (www.colliersmn.com). 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 more than US$1.2 billion and more than US$39 billion in
annual transaction value. The Colliers International global network has
248 offices in 51 countries worldwide (131 in the Americas, 75 in Europe,
Middle East and Africa and 42 in Greater Asia).

About Colliers Seeley
---------------------

Founded in 1908, Colliers Seeley has successfully delivered business real
estate solutions to clients for more than 95 years. With a complete line of
integrated real estate services and 12 offices strategically located
throughout the Greater Los Angeles Basin, its strength stems from a long
history and understanding of the Southern California market.

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.