Acquisition adds another strong company-owned operation in
key European market
TORONTO and MILAN, Oct. 27,
2021 /PRNewswire/ -- Leading diversified professional
services and investment management company, Colliers (NASDAQ: CIGI)
(TSX: CIGI), announced today it has entered into an agreement to
acquire a controlling interest in Colliers International Italia
S.p.A., Colliers Real Estate Services Italia S.R.L. and Colliers
Real Estate Management Services Italia S.R.L. (collectively,
"Colliers Italy"), which was previously an affiliate operation. The
current shareholders of Colliers Italy, Ofer Arbib and Giulia
Longo, will retain an equity interest in the business under
Colliers' unique partnership model. As a company-owned operation,
Colliers Italy will continue to build on its market leadership
position by increasing service capabilities and leveraging the vast
resources of Colliers' strong and highly innovative platform across
Europe. The transaction is subject
to customary closing conditions and is expected to close in the
first quarter of 2022. Details of the transaction were not
disclosed.
Originally founded in 1996, Colliers Italy has grown to over 80
professionals providing landlord agency, tenant representation,
investment sales brokerage, property management, valuation and
project management services to investors, developers and occupiers
of commercial real estate. Colliers Italy is expected to generate approximately
€16 million of revenues for the year ending December 31, 2021.
"Milan and Rome are key European markets with a combined
population of over 4.3 million and home to nearly all major Italian
businesses and investors," said Chris
McLernon, CEO | EMEA for Colliers. "Colliers Italy has a
market leading position and an experienced team of highly respected
professionals with extensive knowledge of the Italian real estate
landscape. This new partnership will allow Ofer and Giulia to
continue their success and leverage the additional resources of the
global business to better serve our clients domestically and
internationally."
"Given our long association with Colliers, this was a natural
next step for our firm. Their enterprising approach and partnership
philosophy will provide us with greater access to the broader
Colliers platform to expand our capabilities and capitalize on the
opportunities in our growing market," said Giulia Longo, co-principal of Colliers
Italy.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified
professional services and investment management company. With
operations in 66 countries, our more than 15,000 enterprising
professionals work collaboratively to provide expert advice to real
estate occupiers, owners and investors. For more than 25 years, our
experienced leadership with significant insider ownership has
delivered compound annual investment returns of almost 20% for
shareholders. With annualized revenues of $3.3 billion ($3.6 billion including affiliates) and
$45 billion of assets under management, we maximize the
potential of property and accelerate the success of our clients and
our people. Learn more
at corporate.colliers.com,
Twitter @Colliers or LinkedIn.
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