Divestment of residential consumer-facing business line focuses Colliers’ Nordic property and asset management platform on commercial real estate
TORONTO and HELSINKI, Finland, July 09, 2018 (GLOBE NEWSWIRE) — Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI), a global leader in commercial real estate services, today announced the divestiture of its residential property management operation servicing apartment housing companies (“Finland AHC”), which manages over 30,000 apartments throughout Finland. This transaction allows Colliers Finland to focus entirely on its core business of providing real estate management services to owners and users of commercial real estate. Terms of the transaction were not disclosed.
Founded in 1980, and acquired by Colliers International earlier this year, Colliers Finland is a market leader with a highly experienced management team, providing commercial real estate management services for office, industrial and retail properties; and retail and shopping center development & consultancy.
“The divestiture of Finland AHC to a well-respected Nordic player strengthens and focuses our Nordic platform, aligning with our growth strategy in the region,” said Chris McLernon, CEO of Colliers International | EMEA. “The Colliers Finland team continue to outperform our expectations and thrive in Colliers’ entrepreneurial environment.”
“We have gained significant momentum as part of Colliers, and this transaction allows us to provide an even greater focus on our portfolio of commercial real estate assets comprising more than 8 million square meters (86 million square feet), as well as continuing to provide advisory services to commercial real estate clients, helping them accelerate their success,” said Sirpa Ojala, CEO of Colliers International | Finland.
About Colliers International Group
Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) is a top tier global real estate services and investment management company operating in 69 countries with a workforce of more than 12,000 professionals. Colliers is the fastest-growing publicly listed global real estate services and investment management company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide, and through its investment management services platform, has more than $20 billion of assets under management from the world’s most respected institutional real estate investors.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice to accelerate the success of its clients. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers is ranked the number one property manager in the world by Commercial Property Executive for two years in a row.
Colliers is led by an experienced leadership team with a proven record of delivering more than 20% annualized returns for shareholders, over more than 20 years.
John B. Friedrichsen
Chief Financial Officer
Phone: (416) 960-9500
Phone: (44) 20 7487 7000