“Pangea has grown significantly over many years in the Nordics as well as internationally. The combination between Pangea and Colliers is a perfect match with our strategy to become the leading property advisor in the Nordics. It was important for us that we partnered with an organization that shares our business philosophy and culture,” said Bård Bjølgerud, Founding Partner & CEO of Pangea, who will assume the role of CEO Nordics, Colliers.
Pangea will merge with Colliers’ existing operations in Sweden and establish a new Colliers operation in Norway. Colliers will establish a Nordic region including Sweden, Norway, Finland, and Denmark that will become a market leader in capital markets with over 27% of market activity based on full-year 2021 RCA data.
“The number one position in the Nordic region has been open for quite some time. Combining our businesses will make Colliers the clear market leader. Looking forward, we intend to accelerate our Nordic region by focusing on our clients’ needs,” says Bjølgerud.
The combined operations will offer a full suite of services including Capital Markets, Debt Advisory, Project Finance, Leasing, Occupier Services, Project Management, Valuation and Research. Pangea Project Finance is an independent sister company of Pangea Property Partners and will also be acquired by Colliers at the close of this acquisition.
“Building on our top tier operations in Denmark and Finland, this merger adds market leadership in Norway and Sweden and together establishes Colliers as the dominant player in the entire Nordic region,” said Davoud Amel-Azizpour, CEO EMEA, Colliers. “We are excited about our new partnership and the opportunity to leverage our best in class platform in this important and rapidly growing region.”
Pangea was established in 2009 when Lundberg & Partners merged with the Corporate Finance Real Estate team at SEB Enskilda. In the recent period 2021 – H1 2022, Pangea has completed more than 150 transactions with an underlying property value of more than €13 billion, including several of the largest deals in the Nordic region.
“All the partners (14) in Pangea will continue as partners in the combined company, to continue our development and growth. We are also looking forward to partner with the Swedish Colliers-business and develop our teams as one,” says Joakim Arvius, CEO Sweden who will continue as CEO Sweden, Colliers.
The acquisition by Colliers is subject to customary closing conditions and is expected to close in the final quarter of 2022.