International real estate firm Jones Lang LaSalle (JLL) has confirmed it will merge with UK property agents King Sturge in a move that will enable JLL to establish a foothold in the South West.
All 43 King Sturge offices and businesses across Europe, including 24 in the UK, will become part of JLL and operate under the JLL brand. Integration of business lines and teams is set to begin immediately.
King Sturge already has a presence in the South West – with more than 150 staff based in Bristol and Bath – but JLL does not have a base in the region. King Sturge closed its Swindon office two years ago.
Under the terms of the deal, JLL will pay £197m ($319m) to the partners of King Sturge. A total of £98m will be paid once the deal closes, with the rest to be paid in cash over the next five years. The deal will make a number of King Sturge's partners millionaires.
Christian Ulbrich, JLL's chief executive for Europe, said: "The obvious strategic and cultural fit between JLL 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."
Richard Batten, joint senior partner at King Sturge, added: "This is a coming together of two great companies who are culturally aligned, with fantastic business synergies, to create the best firm of property advisers in Europe.
"We truly believe that we will be better together. The ability to operate on a global platform, and the opportunities that this will provide, is great news for all our staff and clients."
