Colliers International Acquires Leading Real Estate Management Services Firm in the Nordics
Addition of market leader Ovenia Group further strengthens Colliers' property and asset management platform in EMEA
TORONTO, Jan. 04, 2018 (GLOBE NEWSWIRE) -- Colliers International Group Inc. (NASDAQ:CIGI) and (TSX:CIGI), a global leader in commercial real estate services, today announced the acquisition of Ovenia Group ("Ovenia" or the "Company"), Finland's leading real estate management and service company. For the last twelve months, the Company generated revenues of over US$50 million. Financial details of the transaction were undisclosed. Ovenia will immediately rebrand as Colliers International throughout Finland.
Founded in 1980 and headquartered in Helsinki with operations throughout Finland, Ovenia employs over 500 skilled professionals and has a highly experienced management team lead by CEO Sirpa Ojala. The Company provides commercial real estate management services for office, industrial and retail properties; retail and shopping center development & consultancy; and residential management including multifamily residential rentals and direct to consumer management services.
"This acquisition represents an important milestone in our Nordic and pan European growth strategy," said Chris McLernon, Colliers International Chief Executive Officer, EMEA. "Our clients have been asking us to strengthen our presence in the Nordics for some time and with this investment, we enter the market as the undisputed leader. Our new business in Finland also enhances our existing property and asset management platform throughout the Nordics and wider EMEA region."
"With a shared culture of service excellence together with the best professionals in the property management industry, we have created an industry leader in our country," said Sirpa Ojala, now CEO of Colliers International | Finland. "We currently manage a property portfolio of more than ten million square meters and offer a wide range of best-in-class property management and advisory services to blue-chip clients. Our entire leadership team is excited to be joining Colliers International and to take advantage of their additional resources, unique entrepreneurial culture and ability to serve clients both locally and globally."
About Colliers International Group Inc.
Colliers International Group Inc. (NASDAQ:CIGI) and (TSX:CIGI) is an industry leading global real estate services company with 15,000 skilled professionals operating in 68 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 helps clients accelerate their success. Colliers has been ranked among the top 100 global outsourcing firms by the International Association of Outsourcing Professionals for 12 consecutive years, more than any other real estate services firm. Colliers also has been ranked the top property manager in the world by Commercial Property Executive for two years in a row.
John B. Friedrichsen
Chief Financial Officer | Global
Chief Executive Officer, EMEA
(44) 20 7487 7000
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Colliers International Group Inc. via Globenewswire
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