TORONTO and BANGALORE, India, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Leading global commercial real estate services and investment management firm, Colliers International (NASDAQ and TSX: CIGI) today announced that it has agreed to acquire a controlling interest in leading project management firm, Synergy Property Development Services (“Synergy”) and merge operations to create one of India’s top players in the commercial real estate market.
The senior leadership of Synergy will remain significant shareholders of the combined business under Colliers’ unique partnership model. The combined operations in India now have more than 1400 professionals operating from 16 offices, providing investment sales, lease brokerage, valuations, workplace consultancy and property and project management to domestic and international investors, occupiers and developers of real estate. The transaction is subject to customary closing conditions and is expected to close in the fourth quarter of 2018. Terms of the transaction were not disclosed.
Established in 2003, Synergy is India’s leading domestic project management firm having delivered over 120 million square feet of projects for investors, developers and occupiers of real estate. Their exceptional, tenured leadership and enterprising team offer full building lifecycle services and possess deep sector expertise in corporate, education, healthcare, aviation, residential, mixed-use, hospitality and retail.
“Colliers is the next evolution of our business given our shared culture and commitment to driving exceptional results for clients,” said founding partner and Chairman, Sankey Prasad who will assume the role of Managing Director and Chairman for Colliers in India. “Our firm has an unmatched track record of completing complex projects for the largest and most sophisticated developers, financial institutions, corporate and governmental agencies in India. By joining Colliers’ global platform, our professionals will be further enabled to deliver enduring value by offering expanded, world-class real estate services to existing and new clients.”
“India is the fastest growing economy in the world, providing an opportune time to elevate the size and depth of our business together with the highly regarded group of professionals from Synergy,” said David Hand, CEO | Asia Pacific. “Having enjoyed tremendous growth in our Asia business over the last five years, combining with India’s leading project management business puts Colliers in an enviable position, setting the stage to accelerate the success of our clients and our people across the region.”