by Brianna Crandall — June 1, 2011—Global commercial real estate firm Jones Lang LaSalle has announced that it will merge with international property consultancy King Sturge. The combined firm is expected to be the clear leader in the U.K. and in continental Europe, with greatly enhanced strength and depth of service capabilities across the region intended to directly benefit the clients of both companies.
Under the agreement, which closed May 31, 2011, Jones Lang LaSalle will pay a consideration of £197 million ($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 U.K., 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.
The merged business operates in 70 EMEA markets across 30 countries and employs 5,300 people providing integrated real estate services worldwide to investor, owner and occupier clients. The U.K. business will have 2,700 employees across 34 offices.
