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Colliers to buy 75% stake in Harrison Street Real Estate for US$450M

Colliers International Group Inc. agreed to spend US$450 million on the purchase of a 75% stake in real estate investment firm Harrison Street Real Estate Capital LLC, which has roughly US$14.6 billion worth of education, healthcare and storage assets under management.

The senior management team of Harrison Street will own the remaining interest, according to a release from Colliers. Harrison Street co-founder and CEO Christopher Merrill will retain his role and be the largest individual shareholder.

The commercial real estate services company will pay the founders of the company another US$100 million in 2022, in the event that Harrison Street delivers certain accelerated performance targets.

The fully financed deal will wrap up in the third quarter of 2018, after customary closing conditions are met.

Colliers tapped Sidley Austin to be its legal adviser on the transaction. Berkshire Capital served as financial adviser and DLA Piper as legal adviser to Harrison Street and its management team. At the same time, Three Ocean Partners acted as financial adviser and Winston & Strawn as legal adviser to certain Harrison Street shareholders.