Nasdaq GlobeNewswire

Colliers International to Make Transformational Strategic Investment in Harrison Street Real Estate

Del

Creates Leading International Asset Management Business and Further Strengthens Colliers' Global Platform and Service Offerings

 

TORONTO and CHICAGO, May 14, 2018 (GLOBE NEWSWIRE) -- Leading global commercial real estate services firm Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) today announced it has agreed to make a transformational, strategic investment in Harrison Street Real Estate Capital LLC ("Harrison Street"), one of the largest real estate investment firms dedicated to the education, healthcare and storage sectors with approximately $14.6 billion in assets under management. The transaction, which is fully financed and subject to customary closing conditions, is expected to close by the third quarter of 2018.

Headquartered in Chicago, with an office in London, Harrison Street is a pioneer in demographic-based real estate investing. Since inception in 2005, the firm has established a series of disciplined and highly differentiated investment products across multiple risk/return strategies, originating and managing a series of open and closed-end real estate investment funds and liquid securities. Harrison Street investors include many of the world's most respected sovereign wealth funds, public & corporate pension funds, endowments, insurance companies, foundations and family offices.

Under the terms of the transaction, Colliers will acquire 75% of Harrison Street from its founders for $450 million, with an additional $100 million payable in 2022, based on the company achieving certain accelerated performance targets. The senior management team of Harrison Street will hold the balance of the equity. Colliers expects the annual run rate of management fee revenue to be between $100-115 million. Harrison Street's Co-Founder and Chief Executive Officer, Christopher Merrill, will serve as CEO, lead the operations and remains the largest individual shareholder. Harrison Street's senior management team will continue to operate the firm's day-to-day business as it always has, providing long-term stability for all the firms' stakeholders.

 "The investment in Harrison Street is transformational and the most significant in our history," said Jay Hennick, Chairman and CEO of Colliers International. "The transaction establishes us as one of the major players in global real estate investment management, providing an important new growth platform that also facilitates the integration of our existing operations in Europe. Our entrepreneurial operating and partnership philosophy aligns perfectly with Harrison Street, which brings an exceptional group of leaders to our organization and a company recognized by Pension & Investments as a best place to work in money management for the past four consecutive years."

"In addition to its best-in-class returns, we were particularly attracted to Harrison Street's focus on attractive real estate asset class strategies; massive segments offering significant, demographically-driven growth opportunities with defensive cycle characteristics," said John Friedrichsen, Chief Financial Officer of Colliers International. "The recurring management fees and institutional quality reporting and governance offers Colliers another stable and recurring source of revenue and a tremendous opportunity to create value in the future."

"As we began to explore the idea of partnering with an outside investor to position us for the future, it became clear Colliers was a perfect choice," said Christopher Merrill. "Colliers provides long-term stability and increased alignment among our team and limited partners. The relationship strengthens our global capability and offers unique market knowledge and deep relationships with owners and occupiers of real estate around the world. Colliers' entrepreneurial culture, decentralized management style, significant insider ownership and proven investment record was another significant difference. On behalf of our entire team, we look forward to leveraging these advantages for the benefit of our partners, employees and investors while further differentiating Harrison Street in the future," he concluded.

In connection with this transaction, Berkshire Capital acted as financial advisor and DLA Piper acted as legal advisor to Harrison Street and the management team, while Three Ocean Partners acted as financial advisor and Winston & Strawn acted as legal advisor to certain of Harrison Street's shareholders. Sidley Austin acted as legal advisor to Colliers.

About Colliers International Group Inc.

Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIGI) is an industry-leading real estate services company with a global brand operating in 69 countries and a workforce of more than 12,000 skilled professionals serving clients in the world's most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3 billion ($2.7 billion including affiliates). With an enterprising culture and significant employee ownership and control, 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 global outsourcing firms by the International Association of Outsourcing Professionals for 13 consecutive years, more than any other real estate services firm. Colliers has also been ranked the number one property manager in the world by Commercial Property Executive for two years in a row.

For the latest news from Colliers, visit Colliers.com or follow us on Twitter: @Colliers and LinkedIn.

About Harrison Street Real Estate Capital

Harrison Street Real Estate Capital LLC is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment products across multiple risk/return strategies. Headquartered in Chicago with an office in London, the firm has approximately $14.6 billion in assets under management. For more information, please visit www.harrisonst.com.

Forward-looking Statements

This press release includes or may include forward-looking statements. Forward-looking statements include the Company's financial performance outlook and statements regarding goals, beliefs, strategies, objectives, plans or current expectations. These statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results, performance or achievements contemplated in the forward-looking statements. Such factors include: economic conditions, especially as they relate to commercial and consumer credit conditions and business spending; commercial real estate property values, vacancy rates and general conditions of financial liquidity for real estate transactions; the effects of changes in foreign exchange rates in relation to the US dollar on Canadian dollar, Australian dollar, UK pound sterling and Euro denominated revenues and expenses; competition in markets served by the Company; labor shortages or increases in commission, wage and benefit costs; disruptions or security failures in information technology systems; and political conditions or events, including elections, referenda, changes to international trade and immigration policies, and any outbreak or escalation of terrorism or hostilities.

Additional factors and explanatory information are identified in the Company's Annual Information Form for the year ended December 31, 2017 under the heading "Risk Factors" (which factors are adopted herein and a copy of which can be obtained at www.sedar.com) and other periodic filings with Canadian and US securities regulators. Forward-looking statements contained in this press release are made as of the date hereof and are subject to change. All forward-looking statements in this press 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 CONTACT:
John B. Friedrichsen
Chief Financial Officer
(416) 960-9500

HARRISON STREET CONTACT:
Jonathan Gasthalter/Nathaniel Garnick 
Gasthalter & Co. (212) 257-4170 




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
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

Om Nasdaq GlobeNewswire

Nasdaq GlobeNewswire
Nasdaq GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

+1 212 401 8700http://www.nasdaqomx.com

NASDAQ (NASDAQ: NDAQ) is a leading provider of trading, exchange technology, information and public company services across six continents.

Følg saker fra Nasdaq GlobeNewswire

Registrer deg med din epostadresse under for å få de nyeste sakene fra Nasdaq GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra Nasdaq GlobeNewswire

Kasha Cacy Appointed Global CEO of Engine21.8.2018 14:30Pressemelding

NEW YORK, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Data-driven marketing solutions company Engine today announced the appointment of Kasha Cacy as the company’s global chief executive officer, a new position. Effective Sept. 4, Cacy will oversee Engine’s 17 offices across North America, the UK, Europe and Asia-Pacific, leading the company’s marketing solutions offering, from insights and content to distribution and technology. Cacy joins Engine from UM, the full-service marketing and media agency network of IPG Mediabrands, where she served as U.S. CEO. She will be based out of Engine’s headquarters in New York, and will report to Engine Executive Chairman Paul Caine. “I’m delighted to welcome Kasha to the Engine family,” said Caine. “Her talent, drive and vision will be tremendous assets as we enter an exciting time for the company and our clients. Kasha has deep expertise across media, data, marketing and consulting. She will be key in leading Engine as we build upon our differentiated offe

SoftServe Heats Up the Cloud Market with New Dedicated Go-to-Market Strategy with Google Cloud21.8.2018 13:00Pressemelding

AUSTIN, Texas, Aug. 21, 2018 (GLOBE NEWSWIRE) -- SoftServe, a digital authority and consulting company, announces a new go-to-market strategy with Google Cloud, as part of SoftServe’s recent acknowledgement as a Google Cloud Premier Partner. SoftServe joined the Google Cloud Partner Program in April 2017 and has since completed extensive technical training, successfully delivered numerous complex implementations on GCP and met rigorous evaluations to achieve Google Cloud’s highest partner status. “As part of the growing Google Cloud partner ecosystem, achieving the Premier status is a testament to SoftServe’s commitment to innovation that moves the needle for our clients every day on their digital journey,” said Todd Lenox, Vice President, Digital Services Group at SoftServe. “Our continued partnership with Google Cloud enables us to provide cutting-edge cloud expertise for the future.” As part of the premier partnership, SoftServe is heating up the cloud market by executing well-coord

SolarWinds Broadens Systems Portfolio with Unified Infrastructure Management Enhancements21.8.2018 12:30Pressemelding

Portfolio enhancements to be showcased at VMworld 2018 US AUSTIN, Texas, Aug. 21, 2018 (GLOBE NEWSWIRE) -- SolarWinds, a leading provider of powerful and affordable IT management software, today unveiled a wave of updates to the SolarWinds® Orion® Platform and its product portfolio. The enhancements span multiple products, with SolarWinds debuting the latest versions of Server & Application Monitor (SAM), Virtualization Manager (VMAN), Storage Resource Monitor (SRM), and introducing SolarWinds Server Configuration Monitor (SCM). The enhancements enable unified infrastructure management for technology practitioners, designed to help them quickly identify performance issues and correlations between all layers of the technology stack. “Technology professionals managing increasingly complex and distributed IT environments require monitoring tools that transcend the challenges introduced by hybrid IT,” said Christoph Pfister, executive vice president of products, SolarWinds. “The portfolio

Bombardier Wins Contract to Provide up to 50 TRAXX MS3 Locomotives to CD Cargo21.8.2018 12:21Pressemelding

Order marks the TRAXX 3 platform’s arrival in the Central, Eastern and Southeastern European markets First call off for 10 high-performance TRAXX Multi-System locomotives will strengthen hauling capacity and reduce energy consumption BERLIN, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Note to editors: To view the photos associated with this press release, please visit the following links: http://www.globenewswire.com/NewsRoom/AttachmentNg/6de34b48-f11a-498d-9865-4deb67548b01 http://www.globenewswire.com/NewsRoom/AttachmentNg/fb82fb71-44cf-48c2-aa37-1d277fd35ae8 Rail technology leader, Bombardier Transportation and CD Cargo, the freight subsidiary of Czech Railways, have signed a purchase agreement for up to 50 of the newest generation of BOMBARDIER TRAXX Multi-System1 (MS) locomotives. This first call-off is for 10 TRAXX MS3 locomotives. Ivan Bednárik, Chairman of the Board of Directors, CD Cargo, said, “The new TRAXX MS3 locomotive will be the most modern in our fleet. Its powerful traction and

GridGain® Joins Confluent Partner Program21.8.2018 09:00Pressemelding

GridGain Apache Kafka® Connector Provides Native Integration Between GridGain and Kafka for Streaming Data Applications FOSTER CITY, Calif., Aug. 21, 2018 (GLOBE NEWSWIRE) -- GridGain® Systems, provider of enterprise-grade in-memory computing solutions based on Apache® Ignite™, today announced that the GridGain Apache Kafka® Connector is now verified by Confluent. The connector provides native integration between GridGain and Kafka. The connector makes it simple for GridGain users to leverage the streaming data capabilities of Kafka to create high performance systems that can ingest, process and analyze massive amounts of data at in-memory speeds with massive scalability. With GridGain as the HTAP (hybrid transactional/analytical processing) system and Kafka managing data streams, powerful architectures for digital transformation initiatives such as Internet of Things (IoT) and web-scale applications are possible. “A growing number of enterprises pair GridGain with Apache Kafka to crea

WorldLink Selects Juniper Networks to Power Nepal’s Networking Transformation21.8.2018 07:30Pressemelding

Extensive network modernization undertaken by Nepal’s largest service provider, capitalizing on the country’s rapid development and growth in internet penetration KATHMANDU, Nepal, Aug. 21, 2018 (GLOBE NEWSWIRE) -- Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, today announced that WorldLink, Nepal’s largest internet service provider, has successfully leveraged Juniper’s globally-proven, high-performance networking solutions to tackle the networking constraints and complexities of an exponentially growing consumer market. As a country in the throes of tremendous development, Nepal has witnessed explosive levels of growth in connectivity. Government reports1 show that internet penetration has grown from 10 percent in 2011 to nearly 50 percent today including Mobility and only around 12 percent in fixed Broadband. Emerging as a major broadband player in enabling this transformation, WorldLink has witnessed its customer base double each year

I vårt presserom finner du alle våre siste saker, kontaktpersoner, bilder, dokumenter og annen relevant informasjon om oss.

Besøk vårt presserom