NEW YORK, Dec. 22, 2015 (GLOBE NEWSWIRE) -- Leading global commercial real estate services firm Colliers International Group Inc. ("Colliers") (NASDAQ:CIGI) (TSX:CIG) today announced the acquisition of the brokerage operations of NAI Norris, Beggs & Simpson ("NBS"), one of Portland’s most prominent commercial real estate firms. For over 80 years, NBS has provided extensive real estate advisory services to a broad range of clients across multiple property types including office, industrial, retail, multifamily and land. Terms of the transaction were not disclosed.
This acquisition, one of the most significant in Portland’s history, establishes Colliers as the market leader in Portland. The entire team of commercial real estate professionals will join Colliers creating the dominant local platform across multiple services and property types and all offices will immediately rebrand as Colliers International. Norris, Beggs & Simpsons’ other business lines including real estate finance and its Morrison Street Capital operations are not part of the deal.
“We are very excited about the integration of our teams and the new opportunities they create,” said David Kotansky, Managing Director, Colliers International I Portland. “The combination of our businesses and the collaboration of our people will provide clients with deep expertise in the local markets, access to the Colliers International global platform and the highest level of services available in the industry.”
“While it was a difficult decision to sell our brokerage services, the result is a win-win situation for all parties, particularly our clients,” said Jan Robertson, CEO of Norris, Beggs & Simpson. “Clients will continue to benefit from the exceptional local expertise of our advisors they have come to depend upon, combined with the added strength of the Colliers innovative national and global platform,” she concluded.
Chris Johnson, former president of brokerage operations of NBS will join Colliers as Executive Vice President, commented, “After nearly 30 years at the same company, I am extremely excited about the move to Colliers and am already seeing the benefits of their strong global platform and the resources we can now access.”
“When Colliers is looking to expand our operations in any market, the most crucial factor is cultural fit,” said Craig Robinson, President of Colliers International USA. “Bringing together the heritage and deep local market expertise of Chris and his team with the global strength and depth of services that Colliers offers is a winning combination for our people and our clients,” he concluded.
About Colliers International
Colliers International Group Inc. (NASDAQ:CIGI) (TSX:CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant inside ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals’ Global Outsourcing for 10 consecutive years, more than any other real estate services firm.
Advisory Regarding Forward-Looking Information
Information in this press release that is not a historical fact is "forward-looking information". Words such as "plans", "intends", "outlook", "expects", "anticipates", "estimates", "believes", "likely", "should", "could", "will", "may" and similar expressions are intended to identify statements containing forward-looking information. Forward-looking information in this press release is based on current objectives, strategies, expectations and assumptions which management considers appropriate and reasonable at the time. The forward-looking information in this press release includes, but is not limited to, statements with respect to the expected future attributes of Colliers.
By its nature, forward-looking information is subject to risks and uncertainties which may be beyond the ability of Colliers to control or predict. The actual results, performance or achievements of Colliers could differ materially from those expressed or implied by forward-looking information. Factors that could cause actual results, performance, achievements or events to differ from current expectations include, among others, risks and uncertainties related to: the operations and financial condition of Colliers as a separately traded public company; business cycles, including general economic conditions in the countries in which Colliers operates, which will, among other things, impact demand for services and the cost of providing services; the ability of Colliers to implement its business strategy, including its ability to acquire suitable acquisition candidates on acceptable terms and successfully integrate newly acquired businesses with its existing businesses; changes in or the failure to comply with government regulations; changes in foreign exchange rates; increased competition; credit of third parties; changes in interest rates; and the availability of financing. Additional information on certain of these factors and other risks and uncertainties that could cause actual results or events to differ from current expectations can be found in Old FirstService's Annual Information Form for the year ended December 31, 2014 under the heading "Risk Factors" (which factors are adopted herein and a copy of which can be obtained at www.sedar.com). Certain risks and uncertainties specific to the arrangement transaction, Colliers and New FirstService are further described in the Management Information Circular of Old FirstService dated March 16, 2015. Other factors, risks and uncertainties not presently known to Colliers or that Colliers currently believes are not material could also cause actual results or events to differ materially from those expressed or implied by statements containing forward-looking information.
Readers are cautioned not to place undue reliance on statements containing forward-looking information that are included in this press release, which are made as of the date of this press release, and not to use such information for anything other than their intended purpose. Colliers disclaims any obligation or intention to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
Company Contact: John B. Friedrichsen Chief Financial Officer Phone: (416) 960-9500 Media Contact: Margaret Meluzio Havas PR Phone: (646) 510-6578
Source:Colliers International Group Inc.