Colliers International Acquires ICADE Asset Management and ICADE Conseil in France
Strengthens Colliers’ Asset Management and Advisory Operations in Europe
TORONTO, CANADA and PARIS, FRANCE -- September 30, 2016 – Colliers International Group Inc. (NASDAQ: CIGI, TSX: CIG) announced today the acquisition of ICADE Asset Management and ICADE Conseil (“ICADE”), a leading asset management and investor advisory services platform in France with more than €2 billion of assets under management. The acquisition will enhance Colliers’ existing asset management business and advisory solutions business for real estate investors and developers in Europe. Asset management fees generated in 2015 were approximately €10 million. The newly acquired entities will be re-branded as Colliers International – Investment & Asset Management and current Managing Director, Romain Frémont will become Managing Director of Colliers International Investment & Asset Management France. The financial details of the transaction were not disclosed.
“The ICADE team will be a great addition to our existing advisory solutions business and will further our growth initiatives,” said Colliers’ Gilles Betthaeuser. “The new Colliers International – Investment & Asset Management will continue to tailor flexible market solutions for clients to help them achieve their desired asset enhancing objectives. This asset management approach combined with our results-oriented culture has delivered significant value maximizing strategies for our clients over the long term.”
“The fit between our organisations – culture, values, approach to client service and commitment to employees – were all major drivers to this transaction”, added Romain Frémont. “Both firms are renowned for their enterprising approach to bringing together multi-disciplinary expertise needed to enhance value for both our corporate and investor clients. We could not be happier to be part of Colliers International.”
“This acquisition is another significant step forward in the growth of our business in France”, said Chris McLernon, CEO of Colliers’ EMEA operations. “It further diversifies our operations, increases our recurring revenue and enables us to strengthen our asset management and advisory foundation in Western Europe. This is our third acquisition in Europe this year including Hatton Real Estate in the UK and WPM Group in the Netherlands.”
About Colliers International
Colliers International Group Inc. (NASDAQ: CIGI; TSX: CIG) 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.