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.
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.