Colliers becomes market leader in Nordics
Colliers (CIGI) announces acquisition of Pangea Property Partners.
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Rhea-AI Summary
Colliers (CIGI) announces acquisition of Pangea Property Partners. This agreement will enhance Colliers' operations in Sweden and Norway, merging Pangea's expertise in capital markets advisory with Colliers’ existing services. The combined entity will employ over 80 professionals, offering comprehensive services including leasing, sales brokerage, and project management. This acquisition positions Colliers as a dominant player in the Nordic region, building on its existing leadership in Denmark and Finland. The financial terms were not disclosed.
Positive
- Acquisition strengthens Colliers' market presence in Sweden and Norway.
- Combines expertise from Pangea and Colliers, enhancing service offerings.
- Positions Colliers as a dominant player in the Nordic region with over 80 professionals.
Negative
- None.
Details
News Market Reaction – CIGI
The recorded move for CIGI in the trading session of this news was -2.62%.
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Acquisition adds dominant player in Sweden and Norway
TORONTO, Sept. 06, 2022 (GLOBE NEWSWIRE) -- Leading diversified professional services and investment management company, Colliers (NASDAQ and TSX: CIGI), announced today that it has agreed to acquire a controlling interest in Pangea Property Partners (“Pangea”), a leading capital markets advisor in Sweden and Norway. Pangea will merge with Colliers’ existing company-owned operations in Sweden, become the new company-owned operation in Norway, and re-brand as Colliers. Pangea’s partners, together with the existing leadership team of Colliers Sweden, will retain a significant equity stake in the combined business under Colliers’ unique partnership model. The terms of the transaction were not disclosed.
Established in 2009, Pangea brings an exceptional leadership team and world-class expertise from their offices in Oslo in Norway and Stockholm in Sweden. The combined Colliers Sweden and Norway operations will have more than 80 professionals and offer a full suite of services for our clients including capital markets advisory, debt advisory, project finance, leasing and sales brokerage, valuations, and project management.
“Building on our top tier operations in Denmark and Finland, this merger adds market leadership in Norway and Sweden and together establishes Colliers as the dominant player in the entire Nordic region,” said Davoud Amel-Azizpour, CEO of Colliers | EMEA. “We are excited about our new partnership and the opportunity to leverage our best in class platform in this important and rapidly growing region.”
“Pangea has grown significantly over many years in the Nordics as well as internationally. The combination of Pangea and Colliers is a perfect match with our strategy and ambition to become the leading property advisor in the Nordics. It is important to us that we partner with an organization that shares our business philosophy and culture,” said Bård Bjølgerud, Founding Partner and CEO of Pangea, who will assume the role of CEO, Nordics, Colliers.
About Colliers
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 63 countries, our 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of
Colliers Contacts:
Christian Mayer
Chief Financial Officer | Global
(416) 960-9500
Davoud Amel-Azizpour
Chief Executive Officer | EMEA
(44) 20 7487 7020
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