Acquisition provides one other robust company-owned operation in key European market
TORONTO and MILAN, Oct. 27, 2021 /PRNewswire/ — Main diversified skilled providers and funding administration firm, Colliers (NASDAQ: CIGI) (TSX: CIGI), introduced as we speak it has entered into an settlement to accumulate a controlling curiosity in Colliers Worldwide Italia S.p.A., Colliers Actual Property Providers Italia S.R.L. and Colliers Actual Property Administration Providers Italia S.R.L. (collectively, “Colliers Italy”), which was beforehand an affiliate operation. The present shareholders of Colliers Italy, Ofer Arbib and Giulia Longo, will retain an fairness curiosity within the enterprise below Colliers’ distinctive partnership mannequin. As a company-owned operation, Colliers Italy will proceed to construct on its market management place by growing service capabilities and leveraging the huge assets of Colliers’ robust and extremely progressive platform throughout Europe. The transaction is topic to customary closing circumstances and is predicted to shut within the first quarter of 2022. Particulars of the transaction weren’t disclosed.
Initially based in 1996, Colliers Italy has grown to over 80 professionals offering landlord company, tenant illustration, funding gross sales brokerage, property administration, valuation and challenge administration providers to buyers, builders and occupiers of business actual property. Colliers Italy is predicted to generate roughly €16 million of revenues for the yr ending December 31, 2021.
“Milan and Rome are key European markets with a mixed inhabitants of over 4.3 million and residential to just about all main Italian companies and buyers,” stated Chris McLernon, CEO | EMEA for Colliers. “Colliers Italy has a market main place and an skilled workforce of extremely revered professionals with in depth data of the Italian actual property panorama. This new partnership will permit Ofer and Giulia to proceed their success and leverage the extra assets of the worldwide enterprise to raised serve our shoppers domestically and internationally.”
“Given our lengthy affiliation with Colliers, this was a pure subsequent step for our agency. Their enterprising strategy and partnership philosophy will present us with better entry to the broader Colliers platform to broaden our capabilities and capitalize on the alternatives in our rising market,” stated Giulia Longo, co-principal of Colliers Italy.
Colliers (NASDAQ, TSX: CIGI) is a number one diversified skilled providers and funding administration firm. With operations in 66 nations, our greater than 15,000 enterprising professionals work collaboratively to supply knowledgeable recommendation to actual property occupiers, house owners and buyers. For greater than 25 years, our skilled management with important insider possession has delivered compound annual funding returns of virtually 20% for shareholders. With annualized revenues of $3.3 billion ($3.6 billion together with associates) and $45 billion of property below administration, we maximize the potential of property and speed up the success of our shoppers and our folks. Study extra at company.colliers.com, Twitter @Colliers or LinkedIn.
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