TORONTO, CANADA; January 4, 2018—Colliers International Group Inc. (NASDAQ and TSX:CIGI), a global leader in commercial real estate services, today announced the acquisition of Ovenia Group (“Ovenia” or the “Company”), Finland’s leading real estate management and service company. For the last twelve months, the Company generated revenues of over US$50 million. Financial details of the transaction were undisclosed. Ovenia will immediately rebrand as Colliers International throughout Finland.
Founded in 1980 and headquartered in Helsinki with operations throughout Finland, Ovenia employs over 500 skilled professionals and has a highly experienced management team lead by CEO Sirpa Ojala. The Company provides commercial real estate management services for office, industrial and retail properties; retail and shopping center development & consultancy; and residential management including multifamily residential rentals and direct to consumer management services.
“This acquisition represents an important milestone in our Nordic and pan European growth strategy,” said Chris McLernon, Colliers International Chief Executive Officer, EMEA. “Our clients have been asking us to strengthen our presence in the Nordics for some time and with this investment, we enter the market as the undisputed leader. Our new business in Finland also enhances our existing property and asset management platform throughout the Nordics and wider EMEA region.”
“With a shared culture of service excellence together with the best professionals in the property management industry, we have created an industry leader in our country,” said Sirpa Ojala, now CEO of Colliers International | Finland. “We currently manage a property portfolio of more than ten million square meters and offer a wide range of best-in-class property management and advisory services to blue-chip clients. Our entire leadership team is excited to be joining Colliers International and to take advantage of their additional resources, unique entrepreneurial culture and ability to serve clients both locally and globally.”