TORONTO, May 8 /CNW/ - FirstService Corporation (Nasdaq: FSRV; TSX: FSV)
today announced that its subsidiary, Colliers Macaulay Nicolls Inc. ("CMN"),
which operates globally as Colliers International, has increased its ownership
interest in its Central and Eastern European operation to approximately 80 per
cent after the buyout of a non-active shareholder. The terms of the
transaction were not disclosed.
Colliers Central & Eastern Europe ("CCEE") includes operations in Poland,
Romania, Czech Republic, Slovakia and Hungary, providing office, retail and
industrial investment and leasing advisory, valuation and consulting services.
Established in 1992, CCEE employs 150 people, including 110 real estate
professionals, and advised on over 400 sales and leasing transactions valued
at more than US$800 million in 2005.
"We are very pleased to increase our stake in this great business.
Central and Eastern Europe is a region of tremendous growth and opportunity
for Colliers as its markets mature," said Doug Frye, Chief Executive Officer
of CMN. "The flow of investment capital from western businesses and investors
is increasing due to the region's inclusion in the European Union and
improving transparency and sophistication in its markets, with CCEE well
positioned to take advantage of the significant growth opportunities".
"A stronger presence in commercial real estate services in Central and
Eastern Europe is an important part of our growth strategy as a global leader
in the property services sector. We will continue to invest in this strong
business platform and excellent local management team to accelerate our growth
and maintain our leadership position in this attractive market," added Jay S.
Hennick, Founder and CEO of FirstService.
FirstService established its commercial real estate services platform
with the acquisition of an 83 per cent stake in CMN in late 2004. In November
of 2005, CMN acquired an 82 per cent interest in Colliers Seeley
International, Inc., a very important connection to FirstService's growing
Asia Pacific operations including Australia, New Zealand, Hong Kong and China.
About FirstService Corporation
FirstService is a leader in the rapidly growing service sector, providing
property related services in 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 CertaPro Painters in
property improvement; and Intercon Security and Security Services &
Technologies in integrated security.
FirstService is a diversified service company with more than US$1 billion
in annual revenues and more than 12,000 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).
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 (the "Reform Act"). Such forward-looking statements involve
known and unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company, 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 Company's
services, service industry conditions and capacity; the ability of the Company
to implement its business strategy, including the Company'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
the Company's filings with the Securities and Exchange Commission.
