FirstService Acquires Real Estate Brokerage Firm in New Zealand

Addition Strengthens Colliers' Market-Leading Position in Auckland, New Zealand

        Print
| Source: FirstService Corporation

TORONTO, June 2, 2014 (GLOBE NEWSWIRE) -- FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) announced today that its subsidiary, Colliers International ("Colliers"), has acquired Auckland-based Shore Commercial Realty, one of New Zealand's leading commercial property brokerage firms. The acquisition brings a strong team of brokers with broad experience in commercial and industrial real estate investment sales and leasing, which will be fully integrated into the existing operations of Colliers New Zealand. The transaction also strengthens Colliers' market leadership in the Auckland metropolitan area, which is the largest in New Zealand. Terms of the transaction were not disclosed.

"With this important addition, we continue to strengthen Colliers' market-leading position in Australia and New Zealand," said John Kenny, CEO of Colliers International, Australia and New Zealand. "It not only brings a high quality team of real estate professionals who are aligned with our enterprising culture, it is also consistent with our strategy of expanding our presence in key commercial real estate markets around the world," he concluded.

ABOUT FIRSTSERVICE CORPORATION

FirstService Corporation is a global leader in the rapidly growing real estate services sector, one of the largest markets in the world. FirstService manages more than 2.5 billion square feet of residential and commercial properties through its three industry-leading service platforms: Colliers International - one of the largest global players in commercial real estate services; FirstService Residential - North America's largest manager of residential communities; and FirstService Brands - one of North America's largest providers of essential property services delivered through individually branded franchise systems and company-owned operations.

FirstService generates more than US$2.3 billion in annual revenues and has more than 24,000 employees world-wide. With significant insider ownership and an experienced management team, FirstService has a long-term track record of creating value and superior returns for shareholders since becoming a publically listed company in 1993. The common shares of FirstService trade on the NASDAQ under the symbol "FSRV" and on the Toronto Stock Exchange under the symbol "FSV". More information is available at www.firstservice.com.

ABOUT COLLIERS INTERNATIONAL

Colliers International is the third-largest commercial real estate services company in the world, with over 13,500 professionals operating out of more than 482 offices in 62 countries. A subsidiary of FirstService Corporation, it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International the top U.S. real estate company. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.

FORWARD-LOOKING STATEMENTS

Certain statements included in this release contain words such as "could", "expects", "expectations", "may", "anticipates", "believes", "intends", "estimates" and "plans" (and similar expressions) and constitute "forward-looking statements" within the meaning of applicable securities law. These statements are based on FirstService's current expectations, estimates, forecasts and projections about the operating environment, economies and markets in which FirstService and its subsidiaries operate. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which are difficult to predict and may cause the actual results, performance or achievements of FirstService, or outcomes or results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions which will, among other things, impact demand for the FirstService's services, service industry conditions and capacity and the cost of providing services; the ability of FirstService to implement its business strategy, including FirstService's 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 (especially safety and environmental laws and regulations); and other factors which are described in FirstService's filings with the U.S. Securities and Exchange Commission and Canadian regulatory authorities. These statements, although considered reasonable by FirstService at the date of this press release, may prove to be inaccurate and consequently FirstService's actual results could differ materially from its expectations as set out or implied in this release. Unless otherwise required by applicable securities laws, FirstService disclaims any intention or obligation to update or revise any forward-looking statements.

FIRSTSERVICE CONTACT:

John Friedrichsen
Senior Vice President & CFO
(416) 960-9500

COLLIERS CONTACT:

John Kenny
CEO, Colliers International Australia & New Zealand
61 2 9257 0212