Colliers International Group has acquired ICADE Asset Management and ICADE Conseil, a French asset management and investor advisory services platform managing over €2bn in assets, for an undisclosed sum.
The acquired entities will be renamed as Colliers International – Investment & Asset Management.
Colliers EMEA operations CEO Chris McLernon said: “This acquisition is another significant step forward in the growth of our business in France. It further diversifies our operations, increases our recurring revenue and enables us to strengthen our asset management and advisory foundation in Western Europe.”
Following the acquisition, existing managing director Romain Fremont will assume the role of managing director of Colliers International Investment & Asset Management France.
Colliers’ Gilles Betthaeuser said: “The new Colliers International – Investment & Asset Management will continue to tailor flexible market solutions for clients to help them achieve their desired asset enhancing objectives.
“This asset management approach combined with our results-oriented culture has delivered significant value maximizing strategies for our clients over the long term.”
The latest acquisition represents Colliers’ third purchase in Europe in 2016, McLernon said. In January, the firm announced the acquisition of British property specialist Hatton Real Estate, while in February it announced the purchase of Dutch property and asset manager WPM Group.