Colliers' assets and operations in the UK, Ireland, and Spain are purchased by Toronto's First Service Corp. for $22 million.

 

After several years of working as affiliates in transactions, Toronto-based FirstService Corp. is paying $22 million for all of Colliers International's properties in the UK, Ireland, and Spain.

Colliers UK is the name of the acquired properties, which will now be under the FirstService corporate umbrella. Colliers International will continue to exist as a separate business entity.

The transaction is the largest of its kind so far this year among commercial real estate companies in North America, Europe, and Asia-Pacific. buying property in qatar for expats

Colliers UK recorded $100 million in sales for the fiscal year ending in 2011, according to a joint press release issued by the firm and FirstService on Wednesday.

"After many years of working together as associates, we are looking forward to realizing Colliers' full potential in the UK, Europe, and internationally under Tony Horrell's leadership," said Peter Humphries, Colliers International's CFO and COO.

"As one of the world's largest commercial real estate services brands, we remain committed to delivering outstanding service to our clients in each of the 62 countries where we do business," he adds.

"Becoming an integrated part of Colliers International would accelerate our clients' success locally and globally through an improved level of service, while also creating better job opportunities for our people," says Tony Horrell, CEO of Colliers UK.

Furthermore, with FirstService's financial capital, we now have the resources we need to execute our strategic growth strategies in the United Kingdom, one of the world's most significant real estate markets," he added.

"The addition of these operations enhances Colliers International's global real estate services platform and is another step forward in our plan to grow into new markets," said Jay S. Hennick, the company's founder and CEO.

"Our guiding philosophy remains unchanged: to increase shareholder value by being a global leader in real estate services."

"As we continue to invest our resources prudently in this market, this transaction is another example of our balanced approach to executing our strategy," he says.

Colliers UK offers a comprehensive range of real estate services to users, owners, developers, and investors in the UK, Europe, and around the world. Sales and lease brokerage, investment sales, appraisals and valuations, institutional asset and property management, corporate solutions, hotel and hospitality consultancy, and project management are among the services provided.

Colliers UK employs over 700 people across 14 branches.

FirstService Corp. is a global pioneer in the rapidly rising real estate services market, offering a wide range of commercial real estate, residential property management, and property services services.

Via its three industry-leading service platforms: Colliers International, FirstService Residential Management, and Property Services, which includes Field Asset Services and FS Brands, FirstService manages more than 2.3 billion square feet of residential and commercial assets, making it one of the largest property managers in the world.

FirstService employs over 23,000 people worldwide.

The NASDAQ and the Toronto Stock Exchange all trade FirstService. FSRV is the NASDAQ symbol for the company. FSV is the symbol on the Toronto Stock Exchange.

Colliers International trades under the symbol COL on the London Stock Exchange.