Mr. Jay Hennick reports

COLLIERS INTERNATIONAL COMPLETES STRATEGIC INVESTMENT IN HARRISON STREET REAL ESTATE

Colliers International Group Inc. has completed its strategic investment in Harrison Street Real Estate Capital LLC, one of the largest real estate investment firms dedicated to the education, health care and storage sectors (with approximately $14.6-billion in assets under management).

Headquartered in Chicago, with an office in London, Harrison Street is a pioneer in demographic-based real estate investing. Since inception in 2005, the firm has established a series of disciplined and highly differentiated investment products across multiple risk/return strategies, originating and managing a series of open and closed-end real estate investment funds and liquid securities, counting among its investors many of the world's most respected sovereign wealth funds, public and corporate pension funds, endowments, insurance companies, foundations, and family offices.

Colliers International Group acquired 75 per cent of Harrison Street (with the senior management team of Harrison Street owning the balance of the equity). Christopher Merrill, Harrison Street's co-founder and chief executive officer, will serve as chief executive officer, lead the operations and remain the largest individual shareholder. Harrison Street's senior management team will continue to operate the firm's day-to-day business, providing long-term stability for all stakeholders. Colliers International Group expects the annual run rate of management fee revenue to be between $100-million to $115-million and to be materially accretive to its adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted net earnings and adjusted earnings per share for the balance of 2018 (and annually thereafter).

"Closing of the Harrison Street transaction establishes Colliers International as one of the major players in global real estate investment management, provides an important new platform for growth and facilitates the integration of our existing real estate investment management operations in Europe," said Jay Hennick, chairman and chief executive officer of Colliers International. "Our enterprising culture and partnership-driven business model aligns perfectly with Harrison Street, which brings an exceptional group of leaders to our organization and a company with a proven track record of success spanning a broad spectrum of significant accomplishments."

"The addition of Harrison Street will not only provide an attractive business for future growth and capital deployment, it will also strengthen our cash flow and earnings," said John Friedrichsen, chief financial officer of Colliers International Group. "Beginning with the third quarter, we will update our segmented reporting to separately disclose our new investment management services platform, comprising the results of Harrison Street as well as our existing European investment management business. Together, this new segment will have more than $20-billion in assets under management from the world's most respected institutional real estate investors."

"We are excited to hit the ground running with Colliers, leveraging our respective track records of success, enterprising cultures and focus on client service. As part of Colliers's global platform, we will provide our investors and employees greater stability and significant growth opportunities in the future," said Christopher Merrill, chief executive officer of Harrison Street.

About Colliers International Group Inc.

Colliers International Group is an industry-leading real estate services company with a global brand operating in 69 countries and a work force of more than 12,000 skilled professionals serving clients in the world's most important markets. Colliers is the fastest-growing publicly listed global real estate services company, with 2017 corporate revenues of $2.3-billion ($2.7-billion including affiliates).

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