Diversified professional services and investment management company Colliers has acquired a controlling interest in Pangea Property Partners, a major capital markets advisor in Sweden and Norway.
Financial details were not disclosed.
According to the firm, Pangea’s footprint complements Colliers’ established teams in Sweden, Demark, and Finland. Pangea will merge with Colliers’ existing company-owned operations in Sweden and establish a new Colliers company-owned operation in Norway.
At the close of the deal, Colliers will establish a Nordic region with over 550 professionals in Denmark, Finland, Norway, and Sweden. The Nordic region will have more than 80 capital markets experts serving our clients across the region.
'Building on our top tier operations in Denmark and Finland, this merger adds market leadership in Norway and Sweden and together establishes Colliers as the dominant player in the entire Nordic region,' said Davoud Amel-Azizpour, CEO of Colliers, EMEA. 'We are excited about our new partnership and the opportunity to leverage our best in class platform in this important and rapidly growing region.'
The Pangea partners, together with the existing leadership team of Colliers Sweden, will retain a significant equity stake in the combined business under Colliers’ unique partnership model. The terms of the transaction were not disclosed.
Established in 2009, Pangea offers expertise in capital markets, debt advisory and project finance operations from its offices in Oslo, Norway, and Stockholm in Sweden. With the formation of the Colliers Nordic region, the combined capital markets activity will make Colliers the market leader in the region, with over 27% of market activity based on full-year 2021 RCA data.
The combined operations will offer a full suite of services including, capital markets advisory, debt advisory, project finance, leasing and sales brokerage, valuations, and project management.
'Pangea has grown significantly over many years in the Nordics as well as internationally. The combination of Pangea and Colliers is a perfect match with our strategy and ambition to become the leading property advisor in the Nordics. It was important to us that we partnered with an organisation that shares our business philosophy and culture,' said Bård Bjølgerud, founding partner and CEO of Pangea, who will assume the role of CEO, Nordics, Colliers.
'The number one position in the Nordic region has been open for quite some time. Combining our businesses will make Colliers the clear market leader. Looking forward, we intend to accelerate our Nordic region by focusing on our clients’ needs,' Bjølgerud concluded.