Colliers CRE, the commercial real estate consultancy, is to raise £20m ($32m) through a share placing to strengthen its balance sheet as losses continue to widen.

The group has conditionally placed 100m shares at a price of 20p per share, with about £8.9m of the equity raised from FirstService Real Estate Advisors, a cornerstone investor, which will own 29.9 per cent of the company following completion.