Colliers Expands Its Horizons with Triovest Acquisition

In a strategic move that promises to reshape the landscape of commercial real estate in Canada, Colliers International (CIGI-T) has inked a deal to acquire 100% of Triovest's Canadian operations from Coril Holdings. The agreement was announced early Tuesday, though specifics about the financial terms remain under wraps.

A Significant Shift in the Real Estate Arena

Calgary-based Coril Holdings, a private asset manager, aims to accelerate Triovest's growth by integrating operations with Colliers, a global powerhouse in commercial real estate. Deanna Zumwalt, Coril's President and CEO, expressed confidence in the merger as a means to elevate Triovest’s market presence.

Brian Rosen, CEO of Colliers Canada, highlighted the long-standing relationship between Colliers and Triovest, with discussions about the acquisition beginning last year. This partnership aligns with their vision of a decentralized, agile operation—characteristics both companies share.

Colliers and Triovest: The Perfect Match?

With impressive figures on its resume, Colliers is no stranger to success, boasting $4.82 billion in revenue and managing $99 billion in assets as of 2024. Meanwhile, Triovest has carved out a significant niche since 1995, managing 36 million square feet of commercial properties and overseeing $2.5 billion in development projects, generating approximately $70 million in revenue last year.

The merger will see Triovest rebranded under the Colliers banner, consolidating their Canadian operations and significantly boosting their stature as the largest commercial real estate service provider in the country. When combined, Colliers and Triovest will oversee over 95 million square feet of commercial real estate and more than $15 billion in ongoing projects.

Strengthening Asset Management Capabilities

Rosen emphasized that the acquisition is not just about expansion but also about enriching Colliers’ asset management and advisory services. The integration aims to enhance talent and resources, which are crucial for sustaining growth in the competitive sector.

Leadership Aligns for a New Era

Ted Willcocks, President and CEO of Triovest since 2020, expressed enthusiasm for joining Colliers' global network, citing expanded resources and international connections that will be beneficial for their clients and teams.

Moreover, Zumwalt pointed out that as a significant owner of commercial real estate, Coril will maintain a close relationship with Colliers, ensuring continued collaboration even after the acquisition.

Colliers’ Ongoing Expansion Strategy

This acquisition marks just one of many recent moves by Colliers to broaden its scope and diversify its offerings across the globe. Recent endeavors include acquiring a controlling interest in Canadian firm Englobe and expanding into Australia with multiple acquisitions.

Rosen concluded by sharing that Colliers is actively seeking further growth opportunities, whether through traditional real estate services or broader professional sectors, signaling an exciting future ahead for the firm and the industry.