Colliers CRE plc, one of the UKs top ten commercial real estate consultancy service groups, announced today the acquisition of a 60% interest in Colliers Jackson-Stops, the Colliers International affiliate for Ireland, for €4.80 million (£3.29 million) in cash and shares, satisfied as to €4.08 million (£2.80 million) payable in cash from existing resources with the balance in shares.
Colliers Jackson-Stops, based in Dublin, provides commercial and residential property services including investment advice. For the year ended 31 December 2005 it reported a turnover of €5.50 million (£3.77 million). Following the transaction, the current management of Colliers Jackson-Stops will hold the balance of the business.
Colliers CRE already holds a stake in the Colliers office in Northern Ireland based in Belfast. This new acquisition will consolidate Colliers CREs position as one of the top real estate consultancy groups in both the UK and the Republic of Ireland.
Commenting on the acquisition, David Izett, managing director of Colliers CRE, said: "We already enjoy an excellent relationship with our Colliers colleagues in the Republic of Ireland and the step we have taken today will enable us to benefit still further, particularly in light of the flow of Irish money into property in the UK and Continental Europe. We look forward to helping to develop what is already a highly successful and well regarded Irish business."