Colliers International is planning to break free from its Canadian parent company FirstService Corp.
The Seattle-based commercial brokerage is looking to focus on acquisitions and expansion in the commercial property market, Bloomberg reported. The firm, which is a publicly traded company, will change its name to Colliers International Group.
Colliers is also planning to add services and buy other firms. FirstService will become a new publicly traded company, according to the website. FirstService will focus on residential property services.
“Today we are taking the next bold, but logical, step in unlocking even greater value for FirstService shareholders,” FirstService CEO Jay Hennick said in a statement, cited by the website. [Bloomberg] — Claire Moses