Colliers International and FirstService Real Estate Advisors (FirstService REA) have announced that they will combine their operations and global real estate services platforms. The combined entity will assume FirstService REA's operating and partnership model and operate as Colliers International in 61 countries. FirstService REA is an autonomous subsidiary of publicly traded FirstService Corp.
This announced combination makes Colliers International the global commercial real estate industry's third-largest real estate services firm. As it completes the transition from a decentralized network of affiliates to a more centrally owned and operated firm, FirstService REA will work with its operating partners to provide greater stability and consistency in its operations and enhanced client service delivery throughout the Colliers International organization, the companies say.
FirstService REA began an aggressive global expansion in 2004, when parent company FirstService invested in FirstService REA, the largest member of Colliers International. First Service REA subsequently acquired controlling stakes in several North American-based commercial real estate service specialties, including FirstService PGP Property Valuation, PKF Hotel and Hospitality Consulting, MHPM Project Leaders and FirstService Williams, FirstService REA's New York Tri-State area brokerage hub.
Concurrently, FirstService REA expanded globally, acquiring significant equity interests in Colliers International operations in the U.K., Ireland, Spain, Russia and several other countries in western and eastern Europe and Asia Pacific. FirstService REA also launched Corporate Solutions and Institutional Asset and Property Management divisions.