Colliers has acquired Australian engineering company Peakurban to grow its engineering and design business and build local capability in Australia.
Peakurban, which was founded in 2016, had more than 100 experts in five offices across the country.
It focused on planning, design, and engineering services for masterplanned communities, civil infrastructure, mixed use developments, industrial and employment precincts.
Peakurban will rebrand and be integrated into Colliers’ existing Australian operations.
The company’s senior leadership team retain equity in the business and will continue to lead its growth in the dynamic Australian marketplace.
“This acquisition demonstrates our continued focus on building scale, a key component of our Enterprise’ 25 Growth strategy,” John Kenny, CEO of Colliers Asia Pacific, said.
“In Australia, Colliers’ reputation as market leaders across all property asset classes offers us an opportunity to accelerate our growth in engineering and design and complement our existing Project Management and Strategic Advisory capability, expanding our service offering to unlock more opportunities for our clients and our people.
“Peakurban’s values and culture align strongly with ours and we are delighted to welcome Peakurban’s experts into our organisation.”
Co-Chief Investment Officer Elias Mulamoottil said the acquisition of Peakurban was the latest in Colliers’ expansion of their engineering and design business, following recent similar transactions in the United States.
“Colliers continues to attract best-in-class firms who value our unique partnership model and long-term growth horizon, and who wish to thrive within our, decentralised model and enterprising culture,” Mulamoottil said.
Peakurban Managing Director Brent Thomas said Colliers was one of the most respected names in real estate globally.
“Their investment in Peakurban is recognition of the strength of our experts and experience, and the positive contributions that we have made to the communities in which we have helped create,” Thomas said.
“Our reputation for developing commercially smart and practical engineering and planning solutions, combined with Colliers’ enterprising culture and impressive performance over many years, will strengthen our capabilities to help create vibrant, livable, and people orientated communities and employment precincts across Australia.”
The deal comes after CBRE acquired New Zealand’s largest independent property valuation and advisory firm, TelferYoung in June, in a move that was expected to double its size in the country.
In April, Cushman & Wakefield acquired Perth-based office leasing and property management agency, Sheffield Property, marking its fifth acquisition in seven years.
Last October, global property consultancy Knight Frank partnered with Cresa, the world’s largest occupier-centric commercial real estate firm.