FirstService investments in Colliers Russia & Ukraine

    Rapidly growing Colliers Russia complements recent growth in South East

    Now established in all high-growth BRIC markets - Brazil, Russia, India,

    TORONTO, Nov. 8 /CNW/ - FirstService Corporation (Nasdaq: FSRV/TSX: FSV &
FSV.PR.U) today announced that its subsidiary, Colliers Macaulay Nicolls Inc.,
which operates globally as Colliers International ("Colliers CMN"), has
completed a significant investment in Colliers Russia and Colliers Ukraine.
This important transaction compliments Colliers CMN's recent investments in
Colliers South East Europe and further strengthens the size and breadth of its
rapidly growing global commercial real estate services business.
    "The opportunity to invest in a high growth, emerging market such as
Russia and the Ukraine is an important part of our long-term growth strategy
and another step in developing our leadership position in key global markets,
which now includes operations in all four high-growth BRIC economies," said
Jay Hennick, Founder and Chief Executive Officer of FirstService. "Having
known and worked with the management team of Colliers Russia and the Ukraine
for more than ten years, we are confident that this operation will integrate
into our global platform and will create significant long-term value for our
shareholders," he concluded.
    Colliers CMN will provide important growth capital to support the rapid
expansion of Colliers Russia and Colliers Ukraine and will invest in the
implementation of enhanced operating and information systems, marketing
development and professional training programs. With three offices in Moscow,
St. Petersburg, and Kiev (Ukraine), Colliers Russia and Colliers Ukraine
together employ more than 250 professionals providing a broad portfolio of
commercial real estate services including sales and leasing brokerage,
property management, consulting, valuation and advisory services. Revenues
during the last twelve months totalled approximately US$20 million.
    "Our investment in Colliers Russia and Colliers Ukraine continues to
expand our presence in key strategic global markets, as well as increasing our
regional leadership in Europe, now including 13 countries and 16 cities - from
Russia in the North to Greece in the South," said Doug Frye, Chairman and
Chief Executive Officer of Colliers CMN and Chairman of Colliers
International. "We will work very closely with our new partners at Colliers
Russia and Colliers Ukraine to enhance their operating systems and processes,
as well as sharing best practices to better serve our clients in this
important and growing region."
    "Our entire senior management teams at Colliers Russia and Colliers
Ukraine are excited about our new partnership with Colliers CMN. Their proven
global platform, rapidly growing Central and Eastern European operations and
exceptional operating systems will help us extend our leadership position in
our key markets," said Preston Haskell, Chairman of Colliers Russia. "With the
proven track record, performance driven culture and financial and operating
resources of FirstService behind us, we have all the tools we need to continue
to accelerate our growth well into the future."

    About Colliers CMN

    Colliers CMN ( is a leading international real estate
services company that provides a full range of services to commercial real
estate users, owners and investors worldwide, including brokerage, property
management, hotel investment sales and consulting, corporate services,
valuation, consulting and appraisal services, mortgage banking and research.
Through greater knowledge and specialization, Colliers CMN strives to
accelerate the success of all its clients, partners, professionals, management
and staff. With annualized revenues in excess of US$800 million, and
138 offices in 34 countries worldwide, Colliers CMN is the largest member of
the Colliers International global network, a network of 267 offices in
57 countries worldwide.

    About FirstService Corporation

    FirstService is a leader in the rapidly growing property services sector,
providing services in the following four areas: commercial real estate;
residential property management; integrated security and property improvement
services. Industry-leading service platforms include: Colliers International,
the third largest global player in commercial real estate; FirstManagement
Partners, the largest manager of residential properties in North America;
FirstService Security, the fifth largest integrated security company in North
America; and The Franchise Company, the second largest property improvement
services organization in North America.
    FirstService is a diversified property services company with more than
US 1.7 billion in annualized revenues and more than 16,000 employees
worldwide. More information about FirstService is available at


    Certain statements included in this release constitute "forward-looking
statements" within the meaning of the U.S. Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other factors which may cause the actual results,
performance or achievements of FirstService, or industry results, to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors include,
among others, the following: general economic and business conditions, which
will, among other things, impact demand for the FirstService's services,
service industry conditions and capacity; the ability of FirstService to
implement its business strategy, including FirstService's ability to acquire
suitable acquisition candidates on acceptable terms and successfully integrate
newly acquired businesses with its existing businesses; changes in or the
failure to comply with government regulations (especially safety and
environmental laws and regulations); and other factors which are described in
FirstService's filings with the U.S. Securities and Exchange Commission and
the Canadian regulatory authorities.

For further information:

For further information: FOR: FIRSTSERVICE CORPORATION: Jay S. Hennick,
Founder & CEO, (416) 960-9500; John B. Friedrichsen, Senior Vice President &
CFO, (416) 960-9500; FOR: COLLIERS INTERNATIONAL: Douglas P. Frye, Chairman,
Colliers International, (206) 223-0866; Chris McLernon, President, Colliers
Europe and Latin America Regions, (416) 777-2200

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