Erdman Lewis’ bid to link up with Colliers International and create the world’s largest property consultancy has run into problems and will not be completed for at least three months. Antony Barnett reports.
Last October, Estates Gazette revealed that, following the collapse of Stewart Newiss in the UK, Colliers wanted to “resolve its European representation by January” and was in talks with Erdman Lewis. With 56 offices in the US and a major player in the Far East through its 1991 link with Jardine Matheson Group, Colliers was eager to make similar advances in Europe.
After initial problems, it was hoped that an agreement could be reached before MIPIM. But the negotiations have run into difficulties over settling the overlapping representations in some countries, particularly Belgium and Spain.
Auguste Thouard, which has a 14% stake in Erdman Lewis, has offices in Belgium and Spain where Colliers is linked to Crixx and Alade respectively. In France, Colliers’ ties with Septime have been involved in a legal wrangle as French financier Louis Pelloux – who owns Septime – argued that he would not relinquish his right to the Colliers name.
John McLernon, chairman of Colliers International, said: “The problem in France has now been solved and everything is progressing just fine. The other problems will work themselves out over the next three months. The deal is so significant it is worth taking time to do it properly.”
McLernon would not be drawn on the structure and branding of the new network, but confirmed that, after the initial period of working together, the organisation would be reviewed to possibly include equity swaps.
