Global commercial real estate firm Jones Lang LaSalle has announced it will merge with international property consultancy King Sturge. The move will enhance JLL’s presence throughout the United Kingdom and Europe.
The transaction is expected to close on 31 May 2011. Under its terms, Jones Lang LaSalle will pay consideration of $319 million to the partners of King Sturge, with £98 million in cash at closing and the balance paid out in cash over five years.
All 43 King Sturge offices and businesses across Europe, including 24 in the UK, will become part of Jones Lang LaSalle and will operate under the Jones Lang LaSalle brand. Integration of business lines and teams, and the full rebranding of all business activities, will begin immediately.
Christian Ulbrich, Jones Lang LaSalle Chief Executive Officer for EMEA said in a release: “The obvious strategic and cultural fit between Jones Lang LaSalle and King Sturge makes this a logical and very attractive proposition for both firms. It gives us a scale and depth of expertise that will make our client service delivery capabilities second to none in both the UK and continental Europe.”
Andrew Gould will serve as Chief Executive of the merged business in the UK. Richard Batten will assume the role of UK Executive Chairman.