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Colliers Closes $550M Harrison Street Investment

Colliers has acquired 75% of Harrison Street, with the senior management team of Harrison Street owning the balance of the equity.

Jay Hennick

CHICAGO–Colliers International Group has closed on its previously-announced strategic investment in Harrison Street Real Estate Capital.

Under the deal Colliers has acquired 75% of Harrison Street, with the senior management team of Harrison Street owning the balance of the equity. Colliers has paid the founders $450 million for the stake, with an additional $100 million payable in 2022, based on the company achieving certain performance targets. Colliers expects the annual run rate of management fee revenue to be between $100-$115 million and to be materially accretive to its adjusted EBITDA, adjusted net earnings and adjusted earnings per share for the balance of 2018 and annually thereafter.

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Erika Morphy

Erika Morphy

Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.

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