Mr. Jay Hennick reports

COLLIERS TO INVEST IN LEADING ALTERNATIVE INVESTMENT MANAGER

Colliers International Group Inc. has entered into a definitive agreement to acquire a significant equity interest in Versus Capital, a leading United States alternative real asset management firm with approximately $6.0-billion of assets under management. The transaction is subject to customary closing conditions and approvals and is expected to close in the fourth quarter of 2022. Financial terms of the transaction were not disclosed.

Founded in 2010 and based in Denver, Versus offers alternative real asset investment solutions through actively managed, perpetual-life funds that have consistently produced attractive investment returns over time. Versus's experienced team of highly trained distribution professionals offer investment products through a group of leading registered investment advisers (RIA), including some of the largest in the United States. As part of its new strategic partnership with Colliers, Versus expects to continue expanding its investment offerings and capitalize on the Colliers investment management (IM) platform's array of product solutions.

Colliers will acquire a 75-per-cent ownership interest in Versus, with the balance being retained by Versus's co-founders and senior leadership team, who will continue to lead the business under Colliers's perpetual partnership model that provides long-term alignment and stability for investors. All non-active shareholders will sell 100 per cent of their interests in the firm. On completion, Colliers expects the annual run rate of management fee revenue to be between $75-million and $80-million, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of $40-million to $45-million, and operating results to be significantly accretive.

"Our partnership with Versus is an important first step in accelerating Colliers's global private wealth distribution capability, which is becoming increasingly important alongside our world-class institutional limited partner relationships. We are excited to help the Versus team offer new products to individual investors and their private wealth advisers across the U.S.," said Zach Michaud, co-chief investment officer of Colliers. "Versus's leadership team are exactly the types of people we look to partner with -- entrepreneurial, focused on growth and leaders in their space."

"Our new partnership with Colliers was the logical next step for us," said Mark Quam, co-founder and chief executive officer of Versus. "Colliers has a highly recognized global brand and platform, and they will be a perfect partner to us going forward. They are entrepreneurial and a permanent source of capital who shares our desire to accelerate our growth going forward. We were also attracted to Colliers's decentralized operating model, significant insider ownership and proven track record of success. On behalf of my co-founders and the rest of the partners and professionals at Versus, we are extremely excited about our future and look forward to working with Colliers in the years to come."

"Let me also take this opportunity to welcome our new partners at Versus. The entire team has done a terrific job establishing a compelling business model that offers multiple avenues to grow and deepen expertise in private wealth channels, which presents many advantages across the rest of our growing platform," said Jay S. Hennick, chairman and chief executive officer of Colliers. "The addition of Versus demonstrates our continued focus on building scale and opportunity in our IM business. On closing of Versus and Rockwood, our investment management operations will oversee in excess of $83-billion in assets under management, of which almost $70-billion will be either perpetual or long-dated strategies, further strengthening our recurring revenues for the future."

In connection with this transaction, Berkshire Global Advisors acted as financial adviser to Versus.

About Colliers International Group Inc.

Colliers is a leading diversified professional services and investment management company. With operations in 62 countries, the company's 17,000 enterprising professionals work collaboratively to provide expert real estate and investment advice to clients. For more than 27 years, the company's experienced leadership with significant inside ownership has delivered compound annual investment returns of 20 per cent for shareholders. With annual revenues of $4.3-billion and $65-billion of assets under management, Colliers maximizes the potential of property and real assets to accelerate the success of the company's clients, the company's investors and the company's people.

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