FirstService Acquires UK Operations of Colliers International
FirstService Corporation
28.03.2012 13:30
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TORONTO, 2012-03-28 13:30 CEST (GLOBE NEWSWIRE) --
FirstService Corporation (TSX:FSV) (Nasdaq:FSRV); preferred shares
(TSX:FSV.PR.U) today announced that it has successfully completed the
acquisition of all of the assets of the Colliers International operations in
the United Kingdom which also includes ownership interests in the Colliers
International operations in Ireland and Spain (collectively, 'Colliers UK').
The purchase price was approximately US$22 million. The company was placed into
administration immediately prior to the purchase by way of a pre-packaged
transaction. For the fiscal year ended 2011, Colliers UK generated revenues of
approximately US$100 million.
Colliers UK provides a full range of services to real estate users, owners,
developers and investors in the UK, across Europe, and globally including sales
and lease brokerage, investment sales, appraisal and valuations, institutional
asset and property management, corporate solutions, hotel and hospitality
consulting and project management. The company has 14 offices and more than 700
employees.
'After working together as affiliates for many years, we look forward to
realizing the full potential of Colliers in the UK, Europe and globally under
the leadership of Tony Horrell,' said Peter Humphries, CFO& COO of Colliers
International. 'As one of the largest commercial real estate services brands in
the world, we remain focused on providing our clients exceptional service in
each of the 62 countries in which we operate,' he added.
'Becoming an integrated part of Colliers International will accelerate our
clients' success locally and internationally through an enhanced level of
service, while also providing better career opportunities for our people.
Furthermore, with the financial resources of FirstService, we now have the
support we need to pursue our strategic growth plans in the UK, one of the most
important real estate markets in the world,' said Tony Horrell, CEO of Colliers
UK.
'Adding these operations further strengthens our Colliers International global
real estate services platform and is another step forward in our strategy to
expand into new markets,' said Jay S. Hennick, Founder and CEO of FirstService.
Our guiding principle remains clear - create value for shareholders by becoming
one of the world leaders in real estate services. This acquisition is another
example of our disciplined approach to executing our strategy as we continue to
deploy our capital prudently in this industry,' he concluded.
About FirstService
FirstService Corporation is a global leader in the rapidly growing real estate
services sector, providing a variety of services in commercial real estate,
residential property management and property services. As one of the largest
property managers in the world, FirstService manages more than 2.3 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
Management, the largest manager of residential communities in North America;
and Property Services, including Field Asset Services, one of America's largest
providers of property preservation and distressed asset management and FS
Brands, one of North America's largest providers of property services through
franchise networks.
FirstService generates over US$2.3 billion in annual revenues and has more than
23,000 employees worldwide. More information about FirstService is available at
www.firstservice.com
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.
CONTACT:Jay S. HennickFounder & CEOFirstService CorporationJohn B.
FriedrichsenSenior Vice President & CFOFirstService Corporation(416)
960-9500Peter HumphriesCFO & COOColliers International(206) 695-4220Tony
HorrellCEOColliers International - UK+ 44-20-7487-1666
News Source: NASDAQ OMX
28.03.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: FirstService Corporation
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: CA33761N1096
WKN:
End of Announcement DGAP News-Service
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FirstService Corporation
28.03.2012 13:30
---------------------------------------------------------------------------
TORONTO, 2012-03-28 13:30 CEST (GLOBE NEWSWIRE) --
FirstService Corporation (TSX:FSV) (Nasdaq:FSRV); preferred shares
(TSX:FSV.PR.U) today announced that it has successfully completed the
acquisition of all of the assets of the Colliers International operations in
the United Kingdom which also includes ownership interests in the Colliers
International operations in Ireland and Spain (collectively, 'Colliers UK').
The purchase price was approximately US$22 million. The company was placed into
administration immediately prior to the purchase by way of a pre-packaged
transaction. For the fiscal year ended 2011, Colliers UK generated revenues of
approximately US$100 million.
Colliers UK provides a full range of services to real estate users, owners,
developers and investors in the UK, across Europe, and globally including sales
and lease brokerage, investment sales, appraisal and valuations, institutional
asset and property management, corporate solutions, hotel and hospitality
consulting and project management. The company has 14 offices and more than 700
employees.
'After working together as affiliates for many years, we look forward to
realizing the full potential of Colliers in the UK, Europe and globally under
the leadership of Tony Horrell,' said Peter Humphries, CFO& COO of Colliers
International. 'As one of the largest commercial real estate services brands in
the world, we remain focused on providing our clients exceptional service in
each of the 62 countries in which we operate,' he added.
'Becoming an integrated part of Colliers International will accelerate our
clients' success locally and internationally through an enhanced level of
service, while also providing better career opportunities for our people.
Furthermore, with the financial resources of FirstService, we now have the
support we need to pursue our strategic growth plans in the UK, one of the most
important real estate markets in the world,' said Tony Horrell, CEO of Colliers
UK.
'Adding these operations further strengthens our Colliers International global
real estate services platform and is another step forward in our strategy to
expand into new markets,' said Jay S. Hennick, Founder and CEO of FirstService.
Our guiding principle remains clear - create value for shareholders by becoming
one of the world leaders in real estate services. This acquisition is another
example of our disciplined approach to executing our strategy as we continue to
deploy our capital prudently in this industry,' he concluded.
About FirstService
FirstService Corporation is a global leader in the rapidly growing real estate
services sector, providing a variety of services in commercial real estate,
residential property management and property services. As one of the largest
property managers in the world, FirstService manages more than 2.3 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
Management, the largest manager of residential communities in North America;
and Property Services, including Field Asset Services, one of America's largest
providers of property preservation and distressed asset management and FS
Brands, one of North America's largest providers of property services through
franchise networks.
FirstService generates over US$2.3 billion in annual revenues and has more than
23,000 employees worldwide. More information about FirstService is available at
www.firstservice.com
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.
CONTACT:Jay S. HennickFounder & CEOFirstService CorporationJohn B.
FriedrichsenSenior Vice President & CFOFirstService Corporation(416)
960-9500Peter HumphriesCFO & COOColliers International(206) 695-4220Tony
HorrellCEOColliers International - UK+ 44-20-7487-1666
News Source: NASDAQ OMX
28.03.2012 Dissemination of a Corporate News, transmitted by DGAP -
a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: FirstService Corporation
United States
Phone:
Fax:
E-mail:
Internet:
ISIN: CA33761N1096
WKN:
End of Announcement DGAP News-Service
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