Colliers International Group has acquired a controlling interest in leading financial and strategic advisory firm IREA Corporate Finance SL and merged its existing operations to create one of Spain’s largest players in the real estate and hotel markets.
The senior leaders of both operations will remain significant shareholders of the combined business under Colliers International’s unique partnership model.
In Spain it has more than 100 professionals in Madrid and Barcelona who provide financial and strategic advisory services, as well as investment sales, lease brokerage, valuations, workplace consultancy and property and project management to domestic and international investment funds, financial institutions and other owners and occupiers of real estate.
“The partnership with Colliers is the next evolution of our business, given our shared culture and commitment to excellence,” said founding partner Mikel Echavarren, who will become chief executive and country leader of Colliers International, Spain.
“Although our firm enjoyed tremendous success over the years, aligning with a global brand with an international platform that is second to none will enable our professionals to better serve our clients.
“We are extremely excited about the opportunities ahead and look forward to continuing to provide best-in-class real estate services to our clients seamlessly, anywhere in the world.”
Chris McLernon, Colliers International chief executive EMEA, said: “The Spanish market has seen significant growth over the past few years, providing an opportune time to elevate our business with the highly regarded group of professionals from IREA and take us to the next level.
“Having more than tripled the size of our business in Europe over the past five years, this latest combination of capabilities and professionals puts Colliers in an enviable position in Spain, one of the region’s most important markets, setting the stage to accelerate the success of our clients, wherever they choose to do business,” he concluded.
Earlier this year, Savills similarly expanded its Spanish operations with the acquisition of Spanish and Portuguese real estate advisory business Aguirre Newman for €67m (£59m).
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