Colliers International Completes Acquisition of Market Leader in Virginia
Acquisition strengthens U.S. platform in important Mid-Atlantic Region
TORONTO and NORFOLK, Va., Jan. 04, 2019 (GLOBE NEWSWIRE) — Leading global commercial real estate services firm Colliers International Group Inc. (NASDAQ and TSX: CIGI) today announced it has closed its previously announced acquisition of a majority interest in the operations of the former affiliate of CBRE Group Inc, in Central and Southeast Virginia (“The Company”). The Company’s four offices in Richmond, Norfolk, Charlottesville and Fredericksburg (together “Colliers Virginia”) will be rebranded as Colliers International immediately. The current shareholders of the Company continue to retain equity in the business under the unique Colliers partnership model. Terms of the transaction were not disclosed.
Founded in 1983, Colliers Virginia’s 340 professionals oversee a 58-million-square-foot asset services portfolio and completed more than $1.8 billion in sale and lease transactions during 2018 for owner and occupier clients. Colliers Virginia is the dominant market player in commercial real estate services in the Commonwealth as well as a leading provider of asset services to General Services Administration-leased asset investor clients throughout the country.
“We are thrilled to join a company like Colliers whose core principles and values align perfectly with our enterprising culture and focus on service excellence,” said Scott Adams, President of Colliers Virginia. “We look forward to the opportunity to fully leverage our collective scale, resources and international infrastructure to continue our growth, and accelerate the success of our clients and professionals.”
“Colliers continues to attract the best and brightest talent in the industry as exemplified by our new partnership with the market leading platform in Virginia,” said Ryan Kratz, President, Southeast Region | U.S. Brokerage for Colliers International. “Our objective continues to be to elevate the Colliers International platform as the global firm of choice for successful organizations anywhere they do business, and for professionals who thrive within an enterprising and entrepreneurial culture.”
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ: CIGI) (TSX: CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 13,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $25 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
Colliers is led by an experienced leadership team with significant equity ownership and a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.
John B. Friedrichsen
Chief Financial Officer
President, Southeast Region | U.S. Brokerage