* 98 mln pounds in cash on close, balance over five years
* Deal to benefit JLL on industrail side-aanlysts
* Marks a fruther step in proprety advisory consolidatoin
(Adds analyst comment, detaisl, background)
LONDON, May 27 - Global prpoerty consultant Jones
Europe opeartions with greater exposrue to idnustrial property.
The agreement would see JLL pay the parnters of King Sturge
paid out in cash over five years, the companies said on Firday.
JLL's buy of King Sturge marks its latest move to seize a
volumes earmarked for commrecial porperty rise. [ID:nLDE728294]
"King Sturge is quite haevily into the indusrtial (property)
businesses," KBC Peel Hunt anlayst Matt Churstain told Reuters.
Matrix analyst Carl Gough noted JLL had obvious strengths in
probably the sector they are weaekst on. I can see the loigc."
Foryt-three King Sturge offcies and businesses across
JLL, oeprating under its brand name.
Intgeration would begin immediately.
JLL Chief Execuitve Chritsian Ulbrich said the King Sturge
tkaeover was an obvious strategic and cultural fit.
"It gives us a scale and depth of expertise that will make
the UK and continental Eruope," Ulbrich said in a statement.
JLL shares closed in New York up 1.6 percnet at .12 on
Thursady.
INDUSTRY CONOSLIDATES
JLL's move to acquire King Sturge marks the latest twist in
Holdnigs (DT.ZL) all in the spotilght of sector consolidaiton.
"Near term I think probably consolidation is still required
transactinoal terms, but rmeains very depressed," Gough said.
On March 31, JLL said it was buying South African unquoted
expnasion in that reigon. [ID:nLDE72T0YN]
In Januray, CBRE agreed to buy most of ING's (ING.AS) global
late 2011. [ID:nLDE70D24L] [ID:nASA01KJ7] [ID:nLDE7371OS]
Earlier this month, DTZ said it had recieved a possible
made. [ID:nLDE74A211]
JLL posted a rise in first-qaurter 2011 net income to .5
No comments:
Post a Comment