Addition strengthens existing Hotels business and broadens asset management offer in the UK
TORONTO, Jan. 04, 2017 (GLOBE NEWSWIRE) — Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI), a global leader in commercial real estate services, today announced the acquisition of Vision Asset Management Co. (“Vision”), one of Europe’s leading hospitality asset management companies. The business will be rebranded as Colliers International and integrated into the existing Hotel Property Services operation increasing its scale and capabilities throughout the UK. The details of the transaction were not disclosed.
Founded in 2001, Vision provides a complete range of asset management advisory and consultancy services in the hospitality sector. The firm advises clients in the UK and across EMEA and has managed more than 100 assets that range from individual properties to larger portfolios. Colliers’ combined Hotels Property Services team will now total more than 35 professionals offering agency, valuation advisory, as well as asset management services. Marc Finney Colliers’ Head of Hotels & Resorts Consulting will lead the team working with new directors Ben Godon and Allan Davidson.
“Vision is well regarded by investors, owners and funders looking to increase investment performance in the hospitality sector. These market leading professionals will enhance our existing team of hotels experts; as well as complement our investment property management service,” said Tony Horrell, CEO, Colliers International | UK & Ireland. “The addition of asset management brings a new dimension to the hotel and hospitality services that we provide to our clients across the country.”
“Having built a significant market share within the hospitality sector, we have found the right international partner to help us take the next strategic growth step for our business,” said Allan Davidson, Director Colliers International. “For us, this is the beginning of a new chapter and we are looking forward to combining our local and sector expertise with Colliers’ global platform to better meet our clients’ needs.”
“Joining forces with Colliers is a natural evolution for us. We share the same commitment to client service and entrepreneurial culture. This move has many positives for our employees who will benefit from the enhanced career opportunities it brings,” added Ben Godon, Director Colliers International.
“Our strategic growth across EMEA continues with the addition of Vision and marks a very positive start to 2017. This is the latest in a string of strategic acquisitions that Colliers has made to continue accelerating the success of our clients and helping them to solve their business challenges,” concluded Chris McLernon, CEO, Colliers International | EMEA.
About Colliers International
Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) is an industry leading global real estate services company with more than 16,000 skilled professionals operating in 66 countries. With an enterprising culture and significant employee ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include strategic advice and execution for property sales, leasing and finance; global corporate solutions; property, facility and project management; workplace solutions; appraisal, valuation and tax consulting; customized research; and thought leadership consulting.
Colliers professionals think differently, share great ideas and offer thoughtful and innovative advice that help clients accelerate their success. Colliers has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 11 consecutive years, more than any other real estate services firm.
Advisory Regarding Forward-Looking Information
Certain information included in this news release is forward-looking, within the meaning of applicable securities laws. Much of this information can be identified by words such as “believe”, “expects”, “expected”, “will”, “intends”, “projects”, “anticipates”, “estimates”, “continues” or similar expressions suggesting future outcomes or events. Colliers believes the expectations reflected in such forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.
Forward-looking statements are based on current information and expectations that involve a number of risks and uncertainties, which could cause actual results or events to differ materially from those anticipated. These risks include, but are not limited to, risks associated with: (i) general economic and business conditions, which will, among other things, impact demand for Colliers’ services and the cost of providing services; (ii) the ability of Colliers to implement its business strategy, including Colliers’ ability to identify and acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; (iii) changes in or the failure to comply with government regulations; and (iv) such factors as are identified in the Annual Information Form of Colliers for the year ended December 31, 2015 under the heading “Risk Factors” (which factors are adopted herein and a copy of which can be obtained at www.sedar.com). Forward looking statements contained in this news release are made as of the date hereof and are subject to change. All forward-looking statements in this news release are qualified by these cautionary statements. Except as required by applicable law, Colliers undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
COLLIERS CONTACTS: John Friedrichsen Chief Financial Office | Global (416) 960-9500 Tony Horrell CEO, Colliers International | UK & Ireland Phone: + 44 20 7487 1666