FirstService Continues Expansion in Western Europe
Colliers International Adds Frankfurt & Dusseldorf to German Operations
Strengthens Dutch Business With the Addition of Leading Asset and Property
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.
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.
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.
CONTACT: FIRSTSERVICE CONTACTS:
Jay S. Hennick
Founder & CEO
Senior Vice President & CFO
CEO, Colliers EMEA
44 20 7487 1651
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