Colliers (CIGI), a Toronto-based diversified professional services and investment management company, has entered into a definitive agreement to acquire a 75% equity interest in Versus Capital, a Denver-based alternatives firm managing approximately $6 billion in two funds.
Terms of the transaction, which is expected to close in the fourth quarter, were not disclosed.
Founded in 2010, Versus specializes in real estate, infrastructure, farmland and timberland investments in public and private markets.
In May, Colliers said in a press release that it signed a definitive agreement to buy a 65% stake in Rockwood Capital, a New York-based real estate investment management firm with more than $12 billion of assets under management. This deal is expected to close in the third quarter.
On closing of Versus and Rockwood Capital, Colliers' investment management operations will oversee more than $83 billion in assets under management, Colliers said in a separate press release.
On completion of the Versus transaction, Colliers expects the annual run rate of management fee revenue to be between $75 million and $80 million, Adjusted EBITDA of $40 million to $45 million, and operating results to be significantly accretive.
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