CHICAGO–Colliers International Group reports that it acquiring a majority stake in Chicago-based Harrison Street Real Estate Capital, a real estate investment firm that focuses on the education, healthcare and storage sectors and has approximately $14.6 billion in assets under management. The deal is expected to close by the third quarter of 2018.
Under the terms of the transaction, which has been fully financed, Colliers will acquire 75% of Harrison Street from its founders for $450 million, with an additional $100 million payable in 2022, based on the company achieving certain performance targets. Harrison Street's senior management team will hold the balance of the equity.
Harrison Street's co-founder and CEO Christopher Merrill will continue to serve as the company's CEO and will remain the largest individual shareholder. Harrison Street's senior management team will continue to operate the firm's day-to-day business.
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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.
