Skip Ribbon Commands
Skip to main content

News Release

Brussels

Jones Lang LaSalle Announces Merger with King Sturge

Two leading real estate advisory firms combine European operations


 
Brussels, 27 May 2011 - Global commercial real estate firm Jones Lang LaSalle (NYSE: JLL) today announced it will merge its European operations with international property consultancy firm King Sturge.  The combined firm will be the clear leader in the UK, in continental Europe and in Belgium. Its greatly enhanced strength and service capabilities across Europe will directly and fully benefit the clients of both companies. 

The transaction is expected to close on 31 May 2011.  Under its terms, Jones Lang LaSalle will pay consideration of £197 million ($319 million) to the partners of King Sturge, with £98 million in cash at closing and the balance paid out over five years. 

All 43 King Sturge offices across Europe, including 24 in the UK, will become part of Jones Lang LaSalle group and will operate under the Jones Lang LaSalle brand.  Integration of business lines and teams as well as full rebranding will begin immediately.

Christian Ulbrich, Jones Lang LaSalle Chief Executive Officer for EMEA said: “The obvious strategic and cultural fit between Jones Lang LaSalle and King Sturge makes this a very attractive merger for both firms.  It gives us a scale and depth of expertise that will make our client service delivery capabilities second to none in the UK, in continental Europe and in Belgium.” 

Richard Batten, Joint Senior Partner, King Sturge said: “This is a coming together of two great companies who share the same values as well as fantastic business synergies.  We truly believe that we will be better together. The scale of Jones Lang LaSalle global platform will provide new exceptional opportunities to our staff and our clients.”
This important merger will deepen our foundations and our various leadership positions in Europe. It will also reinforce and widen our overall service delivery capabilities for the benefit of all our clients:
  • The clients will benefit a unique and unparalleled access to international capital flows through Jones Lang LaSalle’s global platform, reinforced by the combination of the “Capital Markets” activities of both firms. 
  • The merger will accelerate both firms’ strategic objective to be the leader in targeted local and regional markets.
  • The combination will add significant depth and scale to a range of services, including industrial, logistics and retail at worldwide level.
Vincent H. Querton, International Director and Managing Director Belgium and Luxemburg said: “We are very enthusiastic about the merger of these two outstanding firms.  We share the same values, we aim at expertise and excellence, we give priority to creating value over the long-term for our clients.

It is remarkable that our activities in the UK are complementary from a geographic point of view. 
King Sturge will give us a dominant position in the regions thereby complementing our leading position on the London market.  This merger particularly reinforces our presence in Central Europe and gives us an immediate presence in Slovakia, Bulgaria, Serbia and Croatia.
 
As far as Belgium is concerned, this merger is historic.  It is the first global consolidation operation in our sector with a direct and major impact on market shares.  This operation reinforces our number one position in Brussels and in the Regions.  We are now indisputably the leader in “Leasing” and “Capital Markets” both for “Offices” and “Industrial and Logistics”.  Through this merger we become the largest and strongest professional team in Belgium, and on a human level we are looking forward to the new adventure with confidence.”