Colliers International Adds Frankfurt & Dusseldorf to German Operations
Strengthens Dutch Business With the Addition of Leading Asset and Property Manager
TORONTO and SEATTLE, June 12, 2013 (GLOBE NEWSWIRE) -- FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) announced today that its subsidiary, Colliers International, acquired controlling interests in Colliers Schon and Lopez Schmitt GmbH ("Colliers Frankfurt") and Trombello Kölbel Immobilienconsulting GmbH ("Colliers Dusseldorf"), market leaders in Frankfurt and Dusseldorf, Germany. Separately, Colliers also acquired a controlling interest in Urban Properties International Real Estate Management B.V. ("Urban Properties"), a leading asset and property management firm in the Netherlands. The terms of the transactions were not disclosed.
"Completing the consolidation of all Colliers International operations in Germany was an important part of our strategy for Western Europe," said Chris McLernon, CEO of the EMEA for Colliers International. "Having market leaders in Munich, Stuttgart, Berlin, Frankfurt and Dusseldorf allows us to accelerate our growth locally by having one strong national business in Germany and reinforces our ability to serve clients on a global basis." McLernon added, "At the same time, we have strengthened our operations in the Netherlands with the addition of a highly regarded asset and property manager. Providing clients with a fully integrated suite of commercial real estate services, including investments sales, lease brokerage, asset and property management, project management and corporate services in each market we serve, has always been core to our philosophy at Colliers."
"Our proven partnership model is a significant competitive advantage as we continue to create value for our shareholders," said Jay S. Hennick, Founder & CEO of FirstService Corporation. "Over the years we have grown by partnering with outstanding business leaders who have a passion for their business and strive to provide enterprising solutions to their clients. We welcome all of our new partners into the growing FirstService family," he concluded.
ABOUT FIRSTSERVICE
FirstService Corporation is a global leader in the rapidly growing real estate services sector. As one of the largest property managers in the world, FirstService manages more than 2.3 billion square feet of residential and commercial properties through its three industry-leading service platforms: Colliers International, one of the top global players in commercial real estate; FirstService Residential, the largest manager of residential communities in North America; and Property Services, a leading North American provider of essential property services delivered through company-owned operations, franchise systems and contractor networks.
FirstService generates over US$2.3 billion in annual revenues and has more than 23,000 employees worldwide. More information about FirstService is available at www.firstservice.com
ABOUT COLLIERS INTERNATIONAL
Colliers International is a global leader in commercial real estate services, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, Colliers International delivers a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and insightful research. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.
For the latest news from Colliers International, visit colliers.com/us/news or follow us on Twitter: @ColliersIntl.
FORWARD-LOOKING STATEMENTS
Certain statements included in this release contain words such as "could", "expects", "expectations", "may", "anticipates", "believes", "intends", "estimates" and "plans" (and similar expressions) and constitute "forward-looking statements" within the meaning of applicable securities law. These statements are based on FirstService's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which FirstService and its subsidiaries operate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which are difficult to predict and may cause the actual results, performance or achievements of FirstService, or outcomes or 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 and the cost of providing services; 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 Canadian regulatory authorities. These statements, although considered reasonable by FirstService at the date of this press release, may prove to be inaccurate and consequently FirstService's actual results could differ materially from its expectations as set out or implied in this release. Unless otherwise required by applicable securities laws, FirstService disclaims any intention or obligation to update or revise any forward-looking statements.