Colliers acquires New Zealand’s leading project manager

Rhea-AI Summary

Colliers Acquires Greenstone Group to Enhance Project Management Offerings

On April 12, 2023, Colliers (NASDAQ, TSX: CIGI) announced its acquisition of a controlling interest in Greenstone Group Ltd., a prominent project management and property advisory firm in New Zealand. The transaction underscores Colliers' strategy of expanding its presence in the Asia Pacific region and enhancing its project management capabilities. Greenstone will rebrand as 'Colliers Project Leaders' and will integrate into Colliers’ operations in New Zealand. The firm, established in 2000, delivers services across various sectors, including commercial and residential development, government, and education. Colliers aims to leverage Greenstone's expertise to enhance client support and address complex regional challenges.

Positive

• Acquisition strengthens Colliers' project management capabilities in New Zealand.
• Greenstone's expertise will enhance service offerings across diverse sectors.
• Colliers' unique partnership model retained Greenstone's leadership as significant shareholders.

Negative

• None.

Adds scale and strengthens capabilities in region

TORONTO and AUCKLAND, New Zealand, April 12, 2023 (GLOBE NEWSWIRE) -- Global diversified professional services and investment management company Colliers (NASDAQ, TSX: CIGI) announced today it has acquired a controlling interest in Greenstone Group Ltd. (“Greenstone”), a leading project management and property advisory firm in New Zealand. The Greenstone senior leadership team will remain significant shareholders of the business under Colliers’ unique partnership model. The business will rebrand as “Colliers Project Leaders” and integrate into Colliers’ market-leading New Zealand operations. Terms of the transaction were not disclosed.

Founded in 2000, Greenstone offers project management and property advisory services to a diverse range of end-markets including commercial and residential developers, as well as the government, education, and infrastructure sectors. Greenstone’s professional services are delivered by more than 55 professionals across four offices in New Zealand.

“Our partnership with Greenstone builds on several successful investments that we have made in our Colliers Engineering & Design and Colliers Project Leaders businesses, highlighting our focus on building high-value, resilient and recurring professional services businesses that can leverage our global brand and footprint,” said Elias Mulamoottil, Co-Chief Investment Officer of Colliers. “Our differentiated approach continues to attract leading firms that value our unique partnership model, long-term growth horizon, and decentralized and enterprising culture.”

“The addition of Greenstone will strengthen our overall Colliers Project Leaders offering, allowing us to support our clients across the region with their more complex challenges,” said John Kenny, CEO Colliers Asia Pacific. “From our first meeting, we knew that Greenstone shared our enterprising values and culture, and we are excited to welcome these trusted professionals into the Colliers organization.”

“By joining with a partner that shares our passion, values and focus on service excellence, we can focus on the future of our business,” said Shane Davis, Managing Director of Greenstone. “We look forward to leveraging the Colliers brand, global platform, and client relationships to help accelerate the success of our shared clients and professionals in the years to come.” 

About Colliers

Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 65 countries, our 18,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 28 years, our experienced leadership with significant inside ownership has delivered compound annual investment returns of approximately 20% for shareholders. With annual revenues of $4.5 billion and $98 billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of our clients, our investors and our people. Learn more at corporate.colliers.com, Twitter @Colliers or LinkedIn. 

Contacts

John Kenny
Chief Executive Officer | Asia Pacific
+61 2 9257 0222

Elias Mulamoottil
Co-Chief Investment Officer | Global
(416) 960-9500

FAQ

What impact does Colliers' acquisition of Greenstone have on its operations?

The acquisition enhances Colliers' project management capabilities and expands its service offerings in New Zealand.

When was the acquisition of Greenstone Group announced?

The acquisition was announced on April 12, 2023.

What will Greenstone be rebranded to after the acquisition?

Greenstone will be rebranded as 'Colliers Project Leaders' after the acquisition.

What sectors does Greenstone Group serve?

Greenstone Group serves commercial and residential developers, as well as government, education, and infrastructure sectors.

What is the strategic importance of the acquisition for Colliers?

The acquisition is strategically important as it builds Colliers' presence in the Asia Pacific region and enables them to address complex client challenges.