Colliers International Group Inc. acquired a controlling stake in Spanish financial and strategic advisory firm IREA Corporate Finance SL for an undisclosed price.
The real estate services company merged its existing operations with IREA. Senior leaders of both operations will serve as significant shareholders of the combined entity, according to a release.
IREA founding partner Mikel Echavarren will assume the role of CEO and country leader of Colliers International | Spain, which employs over 100 professionals in Madrid and Barcelona and serves investment funds, financial institutions and other owners and occupiers of real estate.
The combination is expected to make Colliers one of the leading companies in Spain's real estate and hotel market.