This is an exciting time in the history of Colliers International and a significant turning point in their business and the industry. Colliers International has made the operational decision to combine the operations of Colliers International ... ...and FirstService Real Estate Advisors (FirstService REA) to create the 3rd largest commercial real estate services firm globally. The combined firm will operate under the Colliers International brand.
As it completes the transition from a decentralized network of affiliates to a more centrally owned and operated firm, FirstService REA will work with its operating partners to provide greater stability and consistency in its operations and enhanced client service delivery throughout the Colliers International organization.
“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 while ensuring clients receive the highest level of service and consistent delivery over the long-term.”
„Our combined organization is different from other global firms because of our partnership model. As we complete the transition from a network to a centrally owned and operated firm, FirstService REA now controls approximately 70% of Colliers International globally. The remaining 30% equity is retained in the local markets, providing the strength and consistency of a global firm with the accountability and intimate knowledge of local markets.” said Hadley Dean, Managing Partner of Colliers International in the CEE Region.
„This is a milestone in our company's history and another step forward in providing our clients with a broad range of highly specialized real estate services in Hungary, Europe and around the world. Our extensive local knowledge of the commercial real estate market combined with the backing of a global organization with more than 15,000 people in 480 offices in 61 countries, and annual revenue of over $1.9 billion, provides our clients with the best possible service in the industry,” Mike Smithing, Managing Partner of the Hungarian office of Colliers International.
“Over the course of the past few years, First Service REA has expanded rapidly in Europe, purchasing major equity stakes in the Colliers partners in Russia, Ukraine and South East Europe and the Netherlands and more recently in the UK, Ireland and Spain. The decision to further expand our successful partnership model will transform our organization across Europe in 2010, further strengthening our position in all of the markets we are in.” – summarized Chris McLernon, President, Europe and Latin America Regions.
(Source: Colliers International)
