Colliers International acquires controlling stake in Synergy Property Development Services

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Published: September 19, 2019 5:31:41 AM

The senior leadership of Synergy will remain significant shareholders of the combined business. The companies did not disclose the financial details of the transaction.

Colliers International, Synergy Property Development Services, industry news, capital markets, residential marketColliers India chairman and managing director Sankey Prasad believes that the commercial market is still strong despite of all the headwinds that is being talked about.

Commercial real estate services and investment management firm Colliers International announced on Wednesday it had acquired a controlling interest in project management company Synergy Property Development Services. Colliers also indicated it had merged its India operations with Synergy.

The senior leadership of Synergy will remain significant shareholders of the combined business. The companies did not disclose the financial details of the transaction.

Colliers India chairman and managing director Sankey Prasad believes that the commercial market is still strong despite of all the headwinds that is being talked about. “It has not been hit as much as the residential market. There are several areas of development that we can look at, like the infrastructure sector. Simultaneously, if you look at the capital markets, there are quite a good number of properties or distressed projects that are available. Yes, there are challenges but in my view, they could be short-term. Slowly, I see things moving even in residential as well,” he said.

The combined operations in India now have more than 1,400 professionals operating from 16 offices, providing investment sales, lease brokerage, valuations, workplace consultancy, design services, and property and project management to domestic and international investors, occupiers and developers of real estate.

Colliers International CEO for Asia Pacific David Hand said despite the short-term headwinds, he was positive on the long-term potential of India. “We believe that in partnering with Synergy, India remains a development market. There is so much development happening around in this country. A lot of cities, towns and infrastructure will be built and Colliers International will be able to be right at the core of all of that because we have the expertise to be able to exploit those opportunities. We see significant growth across all of our business lines. We will be leveraging our global platform to bring more occupiers and investors into India.”

According to Colliers International, it has over $26-billion assets under management with revenues of $2.8 billion in 2018. Established in 2003, Synergy is a project management firm. According to Colliers, Synergy has delivered over 120 million sq ft of projects for investors, developers and occupiers of real estate. The firm offers full building life cycle services and possesses sector expertise in corporate, education, health care, aviation, residential, mixed-use, hospitality and retail.

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