Colliers fortunes tick up amid property recovery

REAL estate consultancy Colliers CRE yesterday said it had seen a strong pickup in revenues in the fourth quarter of 2009, with momentum set to continue into this year as conditions in the property market continue to improve.

Colliers, which completed an £18.4m equity fundraising in October to strengthen its balance sheet and brought in FirstService Real Estate Advisors as a majority shareholder, said it would post an annual operating loss of around £10m.

But it said £8m of that loss was sustained in the first half and that prospects for 2010 are encouraging.

Chairman Sir John Ritblat said: “To be part of one of the three largest commercial real estate businesses in the world, where muscle counts, is just where we want to be and as we see the signs of recovery feeding through to the top line, I am confident the company will now move forward strongly.”