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Colliers to acquire controlling stake in India's Synergy Property

Commercial real estate firm Colliers International Group Inc. agreed to acquire a controlling interest in Synergy Property Development Services for an undisclosed amount.

The combined operations will enhance Colliers International's capabilities in India.

The senior leadership of Synergy Property Development will continue as substantial shareholders of the combined business. Sankey Prasad, founding partner and chairman of Synergy Property Development, will become managing director and chairman for Colliers in India.

Synergy Property Development was established in 2003 as a domestic project management company, serving investors, developers and occupiers of real estate.

The deal is expected to close in the fourth quarter, subject to customary closing conditions.