TORONTO, Nov. 4, 2008 (GLOBE NEWSWIRE) -- FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) (TSX:FSV.PRU) today announced that its subsidiary, FirstService Commercial Real Estate Services (through its subsidiary Colliers CMN), has completed its first investment in Western Europe, adding Colliers International Netherlands ("Colliers Netherlands") to its rapidly growing commercial real estate services platform. During the last year, Colliers Netherlands generated revenues of 6.0 million euros. Terms of the transaction were not disclosed.
Colliers Netherlands is a leader in the Dutch commercial real estate services market, with two offices in Amsterdam and Eindhoven, employing 27 real estate professionals that provide a broad range of commercial real estate services including sales and leasing brokerage, asset management, consulting, valuation and advisory services. In addition, Colliers Netherlands manages almost 2 million square feet of commercial real estate for third party clients.
"The investment in Colliers Netherlands represents our first investment in the important Western European market and is complementary to our existing operations in 14 countries in Central and Eastern Europe," said Doug Frye, President & CEO of FirstService Commercial Real Estate and Chairman of Colliers International. "We have already begun working with our new partners at Colliers Netherlands to implement enhanced operating systems, training and other support services to better serve clients in this important and growing region of the EU."
"The entire senior management team at Colliers Netherlands is excited about our new partnership with FirstService. Their robust global platform, rapidly growing Central and Eastern European operations and exceptional operating systems will help us strengthen our market share in existing markets and grow into new markets," said Jos Schussel, Partner and Chief Executive Officer of Colliers Netherlands. "And with the proven track record, performance driven culture and financial and operating resources of FirstService behind us, we have all the tools required to accelerate our growth well into the future."
"Investing in global markets is an important part of the long term growth strategy for our commercial real estate services platform," said Jay Hennick, Founder and Chief Executive Officer of FirstService. "Increasing our presence in key European markets will allow us to maintain our leadership position, better serve our clients, and continue to enhance our global real estate services platform."
About FirstService Corporation
FirstService is a global diversified leader in the following three areas: commercial real estate; residential property management; and property services. Industry-leading service platforms include: FirstService Commercial Real Estate, the fourth largest global player in commercial real estate services; FirstManagement Partners, the largest manager of residential communities in North America; and TFC, North America's largest provider of property services through franchise and contractor networks.
FirstService generates over US$1.9 billion in annualized revenues with more than 17,000 employees worldwide. More information about FirstService is available at www.firstservice.com.
FORWARD-LOOKING STATEMENTS
Certain statements included in this release constitute "forward-looking statements" within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of FirstService, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, which will, among other things, impact demand for the FirstService's services, service industry conditions and capacity; the ability of FirstService to implement its business strategy, including FirstService's ability to acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; changes in or the failure to comply with government regulations (especially safety and environmental laws and regulations); and other factors which are described in FirstService's filings with the U.S. Securities and Exchange Commission and the Canadian regulatory authorities.