Colliers has agreed to acquire a controlling interest in Pangea Property Partners, a capital markets advisory firm in Sweden and Norway.
Pangea will merge with Colliers’ existing company-owned operations in Sweden and establish a new Colliers company-owned operation in Norway.
The Pangea partners, together with the existing leadership team of Colliers Sweden, will retain a significant equity stake in the combined business under Colliers’ partnership model.
The terms of the transaction were not disclosed.
Established in 2009, Pangea Property Partners is an independent Nordic corporate finance, project finance and advisory firm focusing on the real estate sector.
The combined operations will offer a full suite of services including, capital markets advisory, debt advisory, project finance, leasing and sales brokerage, valuations, and project management.
”With the formation of the Colliers Nordic region, the combined capital markets activity will make Colliers the market leader in the region, with over 27% of market activity based on full-year 2021 RCA data,” said Colliers in a press release.
“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,” said Davoud Amel-Azizpour, CEO of Colliers, EMEA. “We are excited about our new partnership and the opportunity to leverage our best in class platform in this important and rapidly growing region.”
“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. It was important to us that we partnered with an organization that shares our business philosophy and culture,” said Bård Bjølgerud, Founding Partner and CEO of Pangea, who will assume the role of CEO, Nordics, Colliers.
“The number one position in the Nordic region has been open for quite some time. Combining our businesses will make Colliers the clear market leader. Looking forward, we intend to accelerate our Nordic region by focusing on our clients’ needs.”