TORONTO, CANADA and PARIS, FRANCE, September 30, 2016 – Colliers International Group Inc. (NASDAQ: CIGI, TSX: CIG) announced today the acquisition of ICADE Asset Management and ICADE Conseil (“ICADE”), a leading asset management and investor advisory services platform in France with more than €2 billion of assets under management.
The acquisition will enhance Colliers’ existing asset management business and advisory solutions business for real estate investors and developers in Europe. Asset management fees generated in 2015 were approximately €10 million. The newly acquired entities will be re-branded as Colliers International – Investment & Asset Management and current Managing Director, Romain Frémont will become Managing Director of Colliers International Investment & Asset Management France. The financial details of the transaction were not disclosed.
“The ICADE team will be a great addition to our existing advisory solutions business and will further our growth initiatives,” said Colliers’ Gilles Betthaeuser. “The new Colliers International – Investment & Asset Management will continue to tailor flexible market solutions for clients to help them achieve their desired asset enhancing objectives. This asset management approach combined with our results-oriented culture has delivered significant value maximizing strategies for our clients over the long term.”
“The fit between our organisations – culture, values, approach to client service and commitment to employees – were all major drivers to this transaction”, added Romain Frémont. “Both firms are renowned for their enterprising approach to bringing together multi-disciplinary expertise needed to enhance value for both our corporate and investor clients. We could not be happier to be part of Colliers International.”
“This acquisition is another significant step forward in the growth of our business in France”, said Chris McLernon, CEO of Colliers’ EMEA operations. “It further diversifies our operations, increases our recurring revenue and enables us to strengthen our asset management and advisory foundation in Western Europe. This is our third acquisition in Europe this year including Hatton Real Estate in the UK and WPM Group in the Netherlands.”
The ICADE team joins Colliers International France