Deal creates the UK’s biggest property agency
Property giants Jones Lang LaSalle and King Sturge have signed a merger deal to create the UK’s biggest agency.
Jones Lang LaSalle will pay £197m for King Sturge, whose business is focused on the UK and continental Europe.
King Sturge was previously understood to be in talks with CB Richard Ellis and BNP Paribas Real Estate before entering into discussions with Jones Lang LaSalle.
All 43 King Sturge offices and businesses across Europe, including 24 in the UK, will become part of JLL.The new UK business will have 2,700 employees across 34 offices with the merger expected to close on 31 May.
Andrew Gould will serve as chief executive of the merged business in the UK while Richard Batten will assume the role of executive chairman.
Mr Gould said: “We are tremendously excited to combine these two outstanding firms. Each has a reputation for excellence based on teamwork and putting clients first.
“Our new leadership team is already in place, consisting of senior directors from both firms, and their immediate focus will be to begin to realise the extraordinary potential of the merger for our clients and colleagues.”
Jones Lang LaSalle chief executive officer for EMEA, Christian Ulbrich said: “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.”