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Harrison Street Real Estate Capital sees ownership change

Commercial real estate firm Colliers International Group agreed to acquire a majority stake in real estate money manager Harrison Street Real Estate Capital, said a joint news release from the companies Monday.

Under the terms of the transaction, which is scheduled to close by the third quarter, Colliers will acquire 75% of Harrison Street from its founders for $450 million, with another $100 million payable in 2022 depending on certain performance target benchmarks. The remaining 25% will remain with Harrison Street's senior management, the news release said, with Christopher Merrill, co-founder and CEO, remaining the single largest individual shareholder.

Harrison Street Real Estate Capital, founded by Mr. Merrill in partnership with Christopher B. Galvin and Michael P. Galvin in 2005, has $14.6 billion in assets under management.