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California and the West

FirstService Expands With Colliers Seeley

November 30, 2005|From Dow Jones/Associated Press

Toronto-based FirstService Corp.'s Colliers International subsidiary has acquired an 82% interest in Los Angeles-based Colliers Seeley International Inc. for an undisclosed amount.

In a news release Tuesday, FirstService said senior management, active brokers and employees retained the remaining equity stake in Colliers Seeley.

Colliers Seeley advises on more than $3 billion in commercial real estate transactions annually from a network of 138 brokers in 12 offices in Southern California. It generated about $60 million in revenue in the last 12 months, FirstService said.

With the addition of Colliers Seeley, FirstService said its Colliers International commercial real estate services business would generate more than $400 million in annual revenue from 100 offices in 21 countries.

Kerlin Capital Group, a private Los Angeles investment bank, advised Colliers Seeley and its shareholders on the transaction.

FirstService provides commercial real estate, residential property management, integrated security systems, property improvement and business services.

Colliers Macaulay Nicolls Inc., which operates as Colliers International, is a real estate services company.

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