May 15, 2018
Colliers International Group Inc. is acquiring a 75% stake in Chicago-based Harrison Street Real Estate Capital LLC from its founders for $450 million. The transaction is expected to close by Q3 2018. An additional $100 million will be payable in 2022, based on Harrison Street, a pioneer in demographic-based real estate investing, achieving performance targets.
Colliers International’s Jay Hennick says, “The investment in Harrison Street is transformational and the most significant in our history. The transaction establishes us as one of the major players in global real estate investment management, providing an important new growth platform that also facilitates the integration of our existing operations in Europe.”
Harrison Street’s Co-Founder and CEO, Christopher Merrill, will serve as CEO, lead operations, and remains the largest individual shareholder of an investment firm focused on the education, healthcare and storage sectors. Harrison Street’s senior management team will hold the balance of the equity.
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