Colliers announces acquisition of Triovest

Rhea-AI Summary

Colliers (NASDAQ, TSX: CIGI) has announced a definitive agreement to acquire Triovest Inc., a major Canadian commercial real estate services platform, from Coril Holdings. The acquisition will establish Colliers as Canada's largest commercial real estate services firm, with the combined operations employing over 3,000 professionals.

Post-acquisition highlights include:

• Management of 95+ million square feet of commercial real estate
• Oversight of $15+ billion in projects under development
• Integration of Triovest's operations, which generated C$70 million in revenues for 2024

Triovest currently manages 36 million square feet and oversees $2.5 billion in development projects, offering asset management, property management, development management, and advisory services. The transaction is expected to close in Q2 2025, with Triovest rebranding as Colliers.

Positive

• Significant market expansion: Becomes Canada's largest commercial real estate services firm
• Revenue addition of C$70 million (2024)
• Portfolio expansion: Additional 36 million sq ft under management
• Development project portfolio increase of $2.5 billion
• Enhanced service capabilities in asset and development management

Negative

• Transaction terms and acquisition cost not disclosed
• Integration costs and risks associated with merging operations

Insights

Financial Analyst

This acquisition represents a significant strategic expansion for Colliers in the Canadian market. By acquiring Triovest, Colliers is adding approximately C$70 million in annual revenue while substantially increasing its footprint in real estate asset management. The combined entity will manage over 95 million square feet of commercial real estate (adding Triovest's 36 million square feet) and oversee more than $15 billion in development projects, including Triovest's $2.5 billion portfolio.

The transaction solidifies Colliers' position as Canada's largest commercial real estate services provider with a combined workforce of over 3,000 professionals. This acquisition appears primarily focused on scale and market leadership rather than diversification, as both companies operate in similar service areas including asset management, property management, and development services.

A notable positive signal is Coril Holdings' (Triovest's owner) stated intention to continue using Colliers for their real estate needs after the transaction, indicating confidence in the combined entity and ensuring continuity of a valuable client relationship. While financial terms weren't disclosed, preventing a complete valuation assessment, the strategic rationale is clear - this acquisition cements Colliers' market leadership in Canada and expands its capabilities in asset and development management.

The integration timeline appears efficient, with closing expected in Q2 2025, and the rebranding strategy will help consolidate market presence under the Colliers name.

Solidifies Colliers’ position as Canada's largest commercial real estate services provider

TORONTO, April 15, 2025 (GLOBE NEWSWIRE) -- Colliers (NASDAQ, TSX: CIGI) announced today that it has entered into a definitive agreement to acquire Triovest Inc. (“Triovest”), a leading Canadian commercial real estate services platform, from its owner, Coril Holdings. After closing, Triovest will rebrand as Colliers, merging its operations and capabilities to solidify Colliers’ position as Canada’s largest commercial real estate services firm. The combined Canadian operations will employ more than 3,000 professionals, manage more than 95 million square feet of commercial real estate, and oversee more than $15 billion in projects under development. The transaction is subject to customary closing conditions and is expected to close during the second quarter of this year. Terms of the transaction were not disclosed.

Founded in 1995, Triovest grew to become a national platform and one of Canada’s largest private commercial real estate services firms under Coril Holding’s ownership, managing 36 million square feet and overseeing $2.5 billion in projects under development for some of Canada’s most prominent institutional and private clients. The company provides asset management, property management, development management, and advisory services for all major commercial real estate asset classes. For the year ended December 31, 2024, Triovest generated approximately C$70 million in revenues.

“The addition of Triovest cements our position as the largest real estate services firm in Canada, while strengthening our capabilities in asset and development management,” said Brian Rosen, President & CEO Ӏ Colliers Canada. “Over the years, we have built a highly differentiated business model by integrating our full suite of services to better meet the requirements of our clients. Our customer-centric culture attracts and retains the top talent in our industry. We are excited to welcome the highly respected and experienced team from Triovest and look forward to their contributions in the years ahead.”

“After many years as a privately held company, we believe now is the time to accelerate Triovest’s growth by merging its operations with Canadian-based Colliers, one of the top global players in commercial real estate,” said Deanna Zumwalt, President and Chief Executive Officer of Coril Holdings. “Our firm has worked with Colliers for many years as a client and we are confident that Triovest will now have access to greater resources and global client relationships that will benefit our clients and our people. Moreover, as a significant owner of commercial real estate, Coril will continue to work closely with Colliers, its professionals, and our former team members for our real estate needs.”

Colliers Contacts
Brian Rosen
President & Chief Executive Officer | Canada
+1 416 643 3787

Christian Mayer
Chief Financial Officer | Global
+1 416 960 9176

About Colliers
Colliers (NASDAQ, TSX: CIGI) is a global diversified professional services and investment management company. Operating through three industry-leading platforms – Real Estate Service, Engineering and Investment Management – we have a proven business model, an enterprising culture and a unique partnership philosophy that drives growth and value creation. For 30 years, Colliers has consistently delivered approximately 20% compound annual returns for shareholders, fueled by visionary leadership, significant inside ownership and substantial recurring earnings. With annual revenues exceeding $4.8 billion, and a team of 23,000 professionals, and $99 billion in assets under management, Colliers remains committed to accelerating the success of our clients, investors, and people worldwide. Learn more at corporate.colliers.com, X @Colliers or LinkedIn.

FAQ

What is the expected impact of Triovest acquisition on Colliers' (CIGI) market position in Canada?

The acquisition will make Colliers the largest real estate services firm in Canada, managing over 95 million square feet of commercial real estate and $15 billion in development projects.

How much revenue did Triovest generate before the CIGI acquisition?

Triovest generated approximately C$70 million in revenues for the year ended December 31, 2024.

When is the Colliers-Triovest acquisition expected to close?

The transaction is expected to close during the second quarter of 2025, subject to customary closing conditions.

What is the current size of Triovest's operations being acquired by CIGI?

Triovest manages 36 million square feet and oversees $2.5 billion in projects under development.

How many professionals will the combined Colliers-Triovest entity employ in Canada?

The combined Canadian operations will employ more than 3,000 professionals.