Colliers International Group has reported strong gains across its global real estate business for the second quarter 2018.
The Toronto-headquartered firm’s revenue was up 14% year-over-year in the quarter ended June 30, 2018, to U$667.4 million with GAAP operating earnings of $45.6 million, up from $41.2 million a year earlier.
In North America, revenue was up 12% to $388.6 million with internal growth for the quarter driven by Lease Brokerage, particularly on the US West Coast and in Canada.
“Once again, Colliers generated strong results in the second quarter, through a combination of acquisitions and solid internal growth. Based on results to date, current business pipelines and acquisitions completed subsequent to the quarter end, we remain optimistic about our growth prospects for the balance of the year,” said Jay S. Hennick, Chairman and CEO of Colliers International.
Three acquisitions helped drive growth
Mr Hennick noted the three key services business acquisitions in North America completed by the firm in the second quarter of 2018.
Its investment in Harrison Street Real Estate Capital will form Colliers’ new Investment Management platform alongside its existing European investment business. The new division will have assets under management of more than $20 billion.
With this important new platform for growth now in place, an investment-grade balance sheet, disciplined growth strategy and a proven track record of success, we are well positioned to continue creating value for shareholders in 2018 and beyond,” he concluded.