- Commercial real estate company, Colliers International (TSX:CIGI) has acquired a controlling interest in a group of Minneapolis-based businesses operating under the Dougherty name
- The businesses include Dougherty Mortgage, Dougherty Funding, Dougherty & Company and Dougherty Insurance Agency
- Dougherty’s montage banking operations have been rebranded as Colliers Mortgage, and will continue to provide specialty real estate debt financing
- In 2019, the Dougherty businesses generated more than C$100 million in revenue
- Colliers International (CIGI) is currently down 0.25 per cent and is trading at $70.93 per share, with a market cap of $2.74 billion
Colliers International (TSX:CIGI) has acquired a controlling interest in a group of Minneapolis-based businesses operating under the Dougherty name.
The companies include Dougherty Mortgage, Dougherty Funding, Dougherty & Company and Dougherty Insurance Agency, collectively known simply as Dougherty.
With more than 250 employees operating out of nine offices, Dougherty offers mortgage banking, loan servicing, mortgage brokerage and investment banking services throughout 21 US states. Total revenue generated from these segments came to C$100 million in 2019.
David Juran, CEO of Dougherty, said he anticipates his team will hit the ground running.
“We plan to leverage Colliers’ talented professionals and clients across the US in a real win-win proposition, and capitalise on additional opportunities through our new partnership with Colliers’ subsidiary, Harrison Street Real Estate Capital.
“We could not be more thrilled and look forward to providing greater capabilities to our combined client base,” he said.
Dougherty’s mortgage banking operations have already been rebranded as Colliers Mortgage. Under its existing management, the company will continue to offer specialty real estate debt financing, catering to multifamily, healthcare and senior housing real estate through US Government-sponsored enterprises.
Further to this, Colliers Mortgage will also provide a range of commercial loans to real estate owners and developers nationwide.
Also operating as a new brand, Colliers Securities will cover Dougherty’s brokerage, investment banking, capital markets and public finance services.
Colliers Securities is licensed under the Securities and Exchange Commission and is currently a member of the Financial Industry Regulatory Authority.
While no information has been given regarding the value of the acquisition, Gil Borok, President and CEO of Colliers International, said the company was a top player in agency and commercial debt finance.
“We welcome this highly talented and entrepreneurial group into the Colliers family, and we look forward to working together to accelerate the success of our clients,” he said.
Colliers International (CIGI) is down 0.25 per cent and is trading at $70.93 per share at 1:35pm EDT.