FirstService adds Colliers International Germany
Acquisition of market-leading operations of Colliers Germany strengthens rapidly growing European commercial real estate services platform
TORONTO, CANADA and SEATTLE, WASHINGTON, March 28, 2013 – FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U) announced today that its subsidiary, Colliers International, has acquired controlling interests in Colliers Schauer & Scholl and Colliers Brautigam & Kramer (collectively, “Colliers Germany”), market leaders in Munich, Stuttgart and Berlin. Senior management of both operations will retain the balance of the equity under Colliers’ unique enterprise partnership model. The acquisition of Colliers Germany further strengthens Colliers’ real estate services platform in Europe and complements the recent acquisition of Colliers UK last year. The terms of the transactions were not disclosed.
Colliers Germany provides investment sales, lease brokerage, property management, corporate services, hotel consulting and valuation services to local, regional, national and international clients in key markets of Munich, Stuttgart, Berlin and through Colliers affiliates in Dusseldorf and Frankfurt. The German operations generated approximately US$60 million in revenue during 2012.
“Germany is one of the strongest and most established markets in Europe representing an enormous opportunity,” said Chris McLernon, CEO of the EMEA for Colliers International. “Having a market-leading position in Germany is essential to our strategy and will allow us to accelerate our growth throughout the region and reinforce our capacity to serve clients locally and on a global basis.”
“Integrating our business with Colliers International was a natural step and one that enables us to broaden our service offerings and further accelerate our growth in Europe and internationally,” said Achim Degen, who will continue as Managing Partner of Colliers Germany. “While our senior management team will remain the same, by leveraging our combined operations and expertise with Colliers International we are better able to capitalize on global mandates and deliver customized real estate services to our clients seamlessly, anywhere in the world. All of us at Colliers Germany are extremely excited about our new partnership and the opportunity to grow together in the years to come.”
“Our proven partnership model continues to be a key competitive advantage as we strive to create value for our shareholders,” said Jay S. Hennick, Founder & CEO of FirstService Corporation. “Over the years, we have grown by partnering with outstanding business leaders who have a passion for their business and a desire to deliver exceptional service to their clients. Our new partners at Colliers Germany are a tremendous addition and I also welcome them into the growing FirstService family, he concluded.