NEW DELHI, JUN 12: Leading real estate consultancies Jones Lang LaSalle (JLL) and Trammell Crow Meghraj (TCM) announced their merger on Tuesday to form the largest real estate services firm in the country under the name, Jones Lang LaSalle Meghraj.
While the market share of the new entity will be 35% (taking into account all property consultants), it would be 50% of the international property consultants sector.
The total real estate under management under JLL Meghraj will be a colossal 44 million sq ft, combining 21 million sq ft of JLL and 23.2 million sq ft of TCM.
The combined leasing transactions will now be 22 million sq ft, the project and development services would be more than 21 million sq ft.
The total strength of JLL Meghraj will now be 2,800 (expected to grow by 35% by 2009), with offices in 10 locations. With a combined turnover of $70 million for 2007, the target is to cross the $100 million mark by 2009.
“The new entity will offer new services also, like a hotel division, new capital markets as well as asset and shopping center management,” says Anuj Puri, country head, JLL Meghraj. The merger takes place after Meghraj Properties bought back the equity of Trammell Crow and then after contemplating the offers, chose JLL as its partner. Trammell Crow was taken over globally in 2006 by CB Richard Ellis.
“With TCM being a dominant player in the domestic market and JLL having international expertise, the new merged entity will definitely be a force to reckon with in the real estate sector,” says Puri.
http://www.financialexpress.com/fe_full_story.php?content_id=166976
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