Colliers International and FirstService Real Estate Advisors (“FirstService REA”) announced that they will combine their operations and global real estate services platforms. The combined entity will operate as Colliers International in 61 countries around the world. FirstService REA is an autonomous subsidiary of publically traded FirstService Corporation (NASDAQ: FSRV;TSX: FSV).
With this announced combination, Colliers International is now ranked as the world’s 3rd largest real estate services firm. Transiting from a network of affiliates to a more centrally owned and operated firm, the company will provide greater consistency in its operations and deliver highly specialised world class real estate services in markets around the world.
“Colliers International has many distinct competitive advantages when compared to other global service providers,” said Douglas P. Frye, Chairman and CEO of Colliers International. “Our successful partnership model enables key executives to retain significant equity in the businesses they operate day-to-day creating more alignment and accountability; ensuring clients receive the highest level of service and consistent delivery over the long-term.”
FirstService REA embarked on one of the most aggressive global expansion in the history of commercial real estate, largely executed during a time when competitors were scaling back due to the global economic recession. Apart from its expansion in the United States, most recently, the firm has acquired significant equity interests in Colliers International operations in the United Kingdom, Ireland, Spain, Russia and several other countries in Western and Eastern Europe and Asia Pacific.
The fully integrated Colliers International business employs more than 15,000 people in 480 offices in 61 countries, and generates in excess of US$1.9 billion in revenues annually.