Dublin based estate agents Colliers Jackson-Stops has sold 60% of its shares to Colliers CRE, one of the UK's top ten estate agents in a part cash/part share deal worth €4.8m.
Colliers CRE already holds a 25% stake in the Colliers office in Belfast. The UK company employs almost 750 staff with offices in London, Birmingham, Manchester, Leeds, Bristol, Glasgow and Edinburgh.
Colliers Jackson-Stops provides services across residential, investment and commercial property markets. In recent years, the company has greatly expanded its overseas investment and residential departments. Last year it reported a turnover of over €5m.
David Izett, CEO of Colliers CRE, in London will join the Colliers Jackson-Stops board as Chairman. Declan Stone will remain as managing director of the company.
'Any mid-sized company wishing to expand in our sector must become part of a larger entity in order to maximise the growth potential from the property market and I expect we will see further deals of this nature in the months ahead,' commented Declan Stone.
'The current partners have retained a 40% share in the business because we are very excited by the opportunity which exists to further grow this company,' he added.
He said that the Irish property market remains very strong, but pointed out that Irish investors are playing an ever more important and growing role in the global investment market.
'That has sparked interest in Irish property companies - yesterday Savills acquired HOK and earlier this year we saw the acquisition of Gunnes commercial arm by CBRE. Our own announcement today reflects this worldwide trend towards global alliances and partnerships,' Mr Stone said.
