Toronto-based Colliers said it has acquired a controlling interest in capital markets adviser Pangea Property Partners, a move the real estate services company expects will make it the dominant player in Sweden and Norway.
With operations in 63 countries, Colliers said it would merge Pangea with its existing company-owned operations in Sweden, become a new company-owned operation in Norway and rebrand as Colliers. The terms of the deal weren't disclosed.
"Building on our top tier operations in Denmark and Finland, this merger adds market leadership in Norway and Sweden and together establishes Colliers as the dominant player in the entire Nordic region," Davoud Amel-Azizpour, CEO of Colliers in Europe, the Middle East and Africa, said in a statement.
Pangea was created in 2009 and has offices in Oslo and Stockholm. The combined Colliers Sweden and Norway operations is expected to now have more than 80 professionals and offer a full suite of services, including capital markets advisory, debt advisory, project finance, leasing and sales brokerage, valuations, and project management.
Under the deal, Pangea's partners, with the existing leadership team of Colliers Sweden, will retain what's been described as a significant equity stake in the combined business under a partnership model.
"Pangea has grown significantly over many years in the Nordics as well as internationally. The combination of Pangea and Colliers is a perfect match with our strategy and ambition to become the leading property advisor in the Nordics," Bård Bjølgerud, founding partner and chief executive of Pangea, said in a statement.
Bjølgerud is set to become CEO of the Nordic Colliers.