Deal will create the UK’s biggest property agency
Property giant Jones Lang LaSalle and British surveyor King Sturge have signed a merger deal to create the UK’s biggest property agency.
US-based Jones Lang LaSalle announced last Friday that it will pay £197m for the company, whose business is focused on the UK and continental Europe, and that the integration and rebranding of King Sturge will begin immediately.
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 Jones Lang LaSalle, which has 40,300 employees worldwide. The new UK business will have 2,700 employees across 34 offices, of which about 1,350 will be from King Sturge.
Andrew Gould, currently chief executive of Jones Lang LaSalle in England, will serve as chief executive of the merged business in the UK.
Richard Batten, joint senior partner at King Sturge, will assume the role of executive chairman of the joint UK business.
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.”