Acquisition strengthens capabilities in Benelux region
TORONTO AND BRUSSELS, December 6, 2022 – Leading diversified professional services and investment management company, Colliers (NASDAQ and TSX: CIGI), announced today that it has acquired a majority interest in BelSquare SRL (“Belsquare”), a leading Belgian commercial real estate advisor with offices in Brussels and Antwerp. Belsquare will be rebranded as Colliers and merged with Colliers’ existing operations in Belgium (“Colliers Belgium”). Belsquare’s senior management team will lead Colliers Belgium and retain a significant equity stake going forward under Colliers’ unique partnership model. The terms of the transaction were not disclosed.
Founded in 2013, Belsquare brings an outstanding team of transactional experts that will strengthen Colliers’ presence in the region. The combined Colliers Belgium operations will have more than 70 professionals and offer a full suite of services for clients including capital markets advisory, leasing, valuation, project management, and property management.
“Building on our current capabilities in project management and property management, this partnership adds a market-leading transactional business and provides Colliers with a full suite of capabilities to service our national and international clients,” said Davoud Amel-Azizpour, CEO of Colliers | EMEA. “This is the latest investment in a series of strategic acquisitions in EMEA that demonstrates our growth throughout Europe.”
“Our partnership with Colliers is a logical next step in the firm’s evolution as we share Colliers’ enterprising culture and commitment to service excellence,” said David Vermeesch, Co-Founder and Managing Partner of Belsquare. “We will benefit from the Colliers’ global brand, platform, and relationships, which positions us to accelerate our combined growth over the coming years. We are extremely excited and look forward to being part of a diversified and resilient firm like Colliers,” added Charles Lasserre, Co-Founder and Managing Partner of Belsquare.
Colliers (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 63 countries, our 18,000 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 approximately 20% for shareholders. With annual revenues of $4.6 billion and $92 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.
Chief Financial Officer | Global
Chief Executive Officer | EMEA
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