King Sturge tie-up turns Jones Lang eyes abroad
Property consultant Jones Lang LaSalle expects to see strong business growth from sales of overseas homes to Hong Kong and mainland buyers after a merger with international property consultancy King Sturge.
Jones Lang LaSalle and King Sturge merged their global operations on May 31 and under the terms, Jones Lang LaSalle agreed to pay a consideration of GBP197 million (HK$2.47 billion) to the partners of King Sturge, with GBP98 million in cash up front and the balance paid out in cash over five years.
All 43 King Sturge offices and businesses, including its Hong Kong office, will become part of Jones Lang LaSalle and will operate under the Jones Lang LaSalle brand.
Gavin Morgan, deputy managing director of Jones Lang LaSalle in Hong Kong, said the merger would strengthen the company's business in the region, particularly in the international properties segment. Eight people will join the Jones Lang LaSalle Hong Kong team, increasing the head count to 11.
Mei Wong, the former head of King Sturge's Hong Kong office, will lead the department.
'Leveraging off King Sturge's international properties' experience in Hong Kong, plus our extensive global platform, we will provide clients with a full range of services,' Morgan said.
The company will advise Hong Kong and Asian clients buying in Britain, mainly London. Affluent mainland buyers are one of the markets the company plans to target.
'We are working on some plans in this regard,' Morgan said.
King Sturge has no presence on the mainland, but Jones Lang LaSalle has 12 offices in mainland cities, including Beijing and Shanghai.
The merged business is set to operate in 70 European, Middle Eastern and African markets in 30 countries, employing 5,300 people.
The UK business will have 2,700 employees in 34 offices.