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Colliers International Group and FirstService Corporation have completed their separation into two independent, publicly traded companies.

'The spin-off is a critical and very carefully considered part of our growth strategy that will strengthen our visibility among investors and clients and further accelerate Colliers' evolution in key markets and service areas around the world,' said Jay Hennick, executive chairman and the largest shareholder in Colliers.

Toronto-based FirstService unveiled plans to spin off Colliers International earlier this year. FirstService took a large stake in the UK commercial real estate broker in early 2010 and two years later acquired Colliers International UK as a wholly owned subsidiary.

'Colliers thrived as part of FirstService; its revenues grew from $200 mln in 2004 to $1.6 bn in 2014. The added visibility and flexibility that comes with the spin-off will only further enhance Colliers' reputation as one of the leading advisors to clients across a broad spectrum of property types and services in commercial real estate the world over,' Hennick added.

Colliers said the move will give it more flexibility to pursue a broader variety of growth opportunities including acquisitions and service-line diversification.

'Consolidation is a reality of the commercial real estate industry, and Colliers will continue to stand out as a trailblazer, building on its proven record of growth, strong balance sheet and focus on building an enterprising and dynamic global commercial real estate services organization to benefit clients, professional advisors, and shareholders over the long-term,' commented Doug Frye, global president and CEO of Colliers.

Following the operation, Frye will retain the role he has held for 13 years with Dylan Taylor, chief operating officer, overseeing the executive team in charge of operations of Colliers.

'With ample liquidity, modest leverage, and a newly established $525 mln, five-year, revolving credit facility, Colliers has the financial wherewithal to support continued investment in its balanced growth strategy,' said John Friedrichsen, CFO of Colliers.