Acquisition will further strengthen U.S. platform in important Mid-Atlantic Region
TORONTO and NORFOLK, Va., Nov. 12, 2018 (GLOBE NEWSWIRE) -- Leading global commercial real estate services firm Colliers International Group Inc. (NASDAQ and TSX: CIGI) today announced it has agreed to acquire a majority interest in the operations of the former affiliate of CBRE Group Inc, in Central and Southeast Virginia, which will be rebranded as Colliers International | Virginia (“Colliers Virginia”). The current shareholders of Colliers Virginia will continue to retain equity in the business under the unique Colliers partnership model. During the interim period, Colliers will work with its existing affiliate to integrate its operations into Colliers Virginia. Terms of the transaction were not disclosed, and the transaction is subject to customary closing conditions and expected to close by the first quarter of 2019.
Founded in 1983, Colliers Virginia’s 340 professionals oversee a 56-million-square-foot asset services portfolio and completed more than $1.7 billion in sale and lease transactions during 2017 for owner and occupier clients. Colliers Virginia is the dominant market player in commercial real estate services in the Commonwealth as well as a leading provider of asset services to General Services Administration-leased asset investor clients throughout the country.
“Our new partnership in Virginia provides Colliers with another market-leading platform, this time in the thriving Mid-Atlantic Region,” said Ryan Kratz, President, Southeast Region | U.S. Brokerage for Colliers International. “Adding this outstanding business and highly successful group of real estate professionals will enable Colliers to better serve our clients regionally, nationally and internationally.”
“Our partnership with Colliers is based on our core principles and values aligning perfectly with the entrepreneurial culture and focus on service excellence exemplified by Colliers’ spirit of enterprise,” said Scott Adams, President of Colliers Virginia. “As a company-owned operation of Colliers International, we can now fully leverage our collective scale, resources and international infrastructure to continue our growth, and accelerate the success of our clients and professionals.”
“Following on our successful partnership in Salt Lake City, this addition is the latest in a series of strategic acquisitions that we have completed in the U.S., all of which have strengthened and diversified our operations to better serve our clients,” said Dylan Taylor, President and COO of Colliers International. “Our objective continues to be elevating the Colliers International platform as the global firm of choice for successful organizations anywhere they do business, and for professionals who thrive within an enterprising and entrepreneurial culture.”
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.
John B. Friedrichsen
Chief Financial Officer
President, Southeast Region | U.S. Brokerage (813) 221-2290