Colliers International Acquires Leading Property Management Specialist in the Netherlands
Addition of WPM Groep NV further strengthens existing property and asset management platform and enhances operations in the EMEA
TORONTO, February 16, 2016 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIG), a global leader in commercial real estate services, today announced the acquisition of WPM Groep NV (“WPM”), Netherlands' leading property and asset management company. Once combined with Colliers International’s existing operations, the new merged business will be one of the leading players in the Netherlands with five additional offices in Hertogenbosch, Nieuwegein, Amsterdam, Barendrecht and Apeldoorn. The financial details of the transaction were not disclosed.
Founded in 1987, WPM employs 180 people from five offices and is led by long time CEO Pieter Affourtit. The combined operation will employ more than 320 professionals and will be headquartered in Amsterdam. The firm provides valuation & advisory services, corporate solutions, hotel advisory, capital markets, office and retail agency services to a broad range of owners and occupiers of high quality real estate assets. WPM will rebrand to Colliers International with immediate effect. Jaap van Rhijn will continue as the CEO of Colliers International in the Netherlands and Ronald Maaskant will become Chief Services Officer of the combined entity and will serve as a member of the local executive board. Ruud Bouma, Joost Vooijs and Ronald Maaskant will also join as partners of Colliers International - Netherlands. Pieter Affourtit (CEO) and Ger Dings (director), both owners of WPM, will retire from their positions on completion of the transaction.
“This acquisition anchors Colliers International’s position in the Dutch real estate market as a market leader with a full range of professional real estate services. By joining together we will have 4.5 million sqm of real estate under management, across office, retail and industrial, allowing us to continue to set ourselves apart from our competitors,” said Jaap van Rhijn, Colliers CEO in the Netherlands. “The combined strength of WPM’s property management expertise and our broad range of services will enable us to provide an enhanced service offering to our clients in the Netherlands.”
“We have chosen to partner with Colliers International because they embrace the same philosophies when it comes to client service, developing our people and our commitment to excellence,” said Pieter Affourtit, founder and retiring CEO. “The knowledge and experience of WPM’s dedicated professionals and our full service property management offer will add strength and breadth to the Colliers business and fortify its position in the Dutch real estate market. The synergies we expect to achieve coupled with Colliers International's global platform will allow us to accelerate the success of our clients, create new opportunities for our people, and further grow our business.”
This is Colliers second acquisition in EMEA in the past month and follows the January announcement that the firm acquired Hatton Real Estate in the UK, one of London’s leading commercial property specialists.
“Our growth ambitions continue to be realized as we welcome WPM to our team,” said Chris McLernon CEO of the EMEA for Colliers International. “This acquisition will enhance our service delivery, broaden our service offering to clients and strengthen our platform not just in the Netherlands, but across Europe,” he concluded.