TORONTO, Nov. 18, 2010 (GLOBE NEWSWIRE) -- FirstService Corporation (Nasdaq:FSRV) (TSX:FSV) (TSX:FSV.PR.U) today announced that its subsidiary, Colliers International, has acquired a majority interest in one of Amsterdam's leading commercial real estate services firms, Boer Hartog Hooft (BHH) and merged its operations with the Colliers offices in the region.
Founded in 1893, BHH is the oldest commercial real estate firm in the Netherlands and is one of the market leaders in Amsterdam serving private, public and institutional clients in the region for more than 100 years. With more than 40 real estate service professionals, BHH will rebrand as Colliers International and will integrate its operations with the existing Colliers offices in the region. Colliers International provides a full range of commercial brokerage, consulting, advisory and valuation services to national and international clients.
"We are delighted to partner with BHH and to have them operating under the Colliers International brand going forward," said Chris McLernon, Chief Executive Officer, Colliers International EMEA, "Their strength and depth of services, combined with our existing operations, offers clients the best of all worlds: local knowledge and strong execution on a national scale combined with the global resources of the third largest provider of commercial real estate services in the world. Having a strong market position in Amsterdam is essential to our strategy in the Netherlands and this new partnership will allow us to accelerate our growth throughout the region."
"Our long and successful track record will be enhanced significantly with our new partnership," said Jaap van Rhijn, formerly Managing Partner of BHH and now CEO of Colliers International in the Netherlands. "As continuing shareholders our team is empowered to make strategic and operational decisions as we work with our new partners at Colliers International toward our common goal of providing enterprising real estate services on a global scale. We're confident our clients and employees will benefit from the resources, capabilities and global reach of one of the world's largest commercial real estate services companies."
"The acquisition of BHH is another example of how best-in-class firms are attracted to the Colliers International brand and proven partnership model," said Jay S. Hennick, Founder and CEO of FirstService. "Investing in important global markets is a key part of our growth strategy and partnering with the top executives of BHH in the Netherlands will further strengthen our presence in Western Europe."
ABOUT FIRSTSERVICE
FirstService Corporation is a global diversified leader in the rapidly growing property services sector, providing services in the following three areas: commercial real estate, residential property management; and property services. The industry-leading service platform includes Colliers International, the 3rd largest global player in commercial real estate services; FirstService Residential Management, the largest manager of residential communities in North America; and TFC, North America's largest provider of property services through franchise and contractor networks.
FirstService generates about US $2 billion in annualized revenues with over 18,000 employees worldwide. More information about FirstService is available at www.firstservice.com.
Forward-looking Statements
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