Colliers International has bought a controlling stake in project management firm Synergy Property Development Services to create one of India’s largest commercial real estate firms.
The senior leadership team at Synergy will remain significant shareholders of the combined business under Colliers’ partnership model.
The combined operations in India will have more than 1,400 staff in 16 offices, providing investment sales, lease brokerage, valuations, workplace consultancy and property and project management to domestic and international investors, occupiers and developers.
It is subject to customary closing conditions, and is expected to close in the fourth quarter of 2019. Further terms of the transaction were not disclosed.
Synergy, which was set up in 2003, has delivered more than 120m sq ft of projects. It advises on sectors including corporate, education, healthcare, aviation, residential, mixed-use, hospitality and retail.
Synergy’s founding partner and chairman Sankey Prasad, who will become managing director and chairman for Colliers in India, said: “By joining Colliers’ global platform, our professionals will be further enabled to deliver enduring value by offering expanded, world-class real estate services to existing and new clients.”
David Hand, chief executive of Asia Pacific, said: “India is the fastest growing economy in the world, providing an opportune time to elevate the size and depth of our business together with the highly regarded group of professionals from Synergy.”
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