Global real estate firm Colliers International has announced its intention to spin off from FirstService Corp., its parent company and Canada’s largest real estate services provider, according to a report from Bloomberg News.
Seattle-based Colliers anticipates that the spin-off will allow the company to redirect its resources to accelerate acquisitions and overall operate a more efficient business. It will also undergo a name-change, becoming Colliers International Group.
The spin-off will allow Colliers to focus on commercial real estate and FirstService Corporation to hone in on residential property management and services, a press release from the firms yesterday said.
“Today we are taking the next bold, but logical, step in unlocking even greater value for FirstService shareholders by separating our company into two, billion dollar public companies, Colliers International and FirstService Corporation,” said Jay Hennick, FirstService’s founder and chief executive officer in the statement.
Before the deal is finalized a court-sanctioned Plan of Arrangement must be issued and FirstService’s Board of Directors must give the final approval.
Colliers International, which operates in the U.S., Canada, Europe, Australia/New Zealand, Asia and Latin America, has been the “fastest growing commercial real estate firm in the world over the past 10 years,” according to the release.