(Yicai Global) March 20 -- Global commercial real estate service provider Colliers International Group Inc. aims to beef up its presence in China with the acquisition of construction project management company SIP Group.

The Canada-based company will incorporate SIP Group into its existing project management business, it said in a statement, without disclosing the terms of the transaction.

Founded in the UK in 1993, SIP Group is a well-known construction project management and consulting service provider with a focus on the Chinese market. SIP has provided project management and consulting services for 1,000 projects for nearly 400 customers to date, and one of its main offices is in China's eastern economic powerhouse, Shanghai.

Colliers International will now increase investments in the country, Tammy Tang, the company's co-head for China, disclosed in an interview with state-backed online news agency The Paper, adding that the firm is also seeking partners conducive to its growth in the market.

The combined company brings together 110 project managers. Colliers International's existing services include design consulting, construction management and consultancy services, post-construction and decommissioning consulting.

The deal suggest that Colliers is optimistic about developing its real estate business in China, with SIP Managing Director Geoff Mills commenting, "Our track record of completing complex projects for large blue-chip international firms looking to do business in China, combined with Colliers' leading global platform and market-leading real estate services business in China, will enable us to offer existing and new clients expanded, world-class project management and consultancy services."

Colliers International Group provides real estate users, owners and investors around the world with services including property sales, leasing and financing strategic advice and execution. It posted operating revenue of USD2.3 billion in 2017, or USD2.7 billion if revenues from affiliates are included.