LONDON and JOHANNESBURG, March 31, 2011 /PRNewswire/ -- Global commercial real estate firm Jones Lang LaSalle (NYSE: JLL) today announced the formation of Jones Lang LaSalle South Africa following the acquisition of one of the country's leading corporate property service providers, Bradford McCormack & Associates (BMA) for an undisclosed amount. The acquisition will give Jones Lang LaSalle its first dedicated office in South Africa, although the firm is already present at several client facilities across the country.
The acquisition represents one of the largest international investments in the local property services sector to date and points to a strong global commitment towards an already robust domestic commercial property market. More specifically, the deal opens up accelerated business growth opportunities for both firms across South Africa and its neighbouring countries.
BMA has a client base that includes ABSA Bank (Barclays), Nestle, the Johannesburg Stock Exchange, Miele SA and a number of South African government departments. The firm has a strong track record in a broad range of services including office and industrial leasing, capital markets, tenant representation, lease administration, strategic consulting and asset management.
Mark Bradford, Managing Director of BMA, who now becomes Managing Director of Jones Lang LaSalle South Africa, said, "The domestic property market remains a solid indicator of broader economic activity. An increasingly positive economic outlook this year is seeing upticks in demand for space. Today's acquisition by Jones Lang LaSalle introduces a number of globally relevant offerings in meeting this demand and places our organisation in an appreciably enhanced position to service local and international companies within our market."
Jones Lang LaSalle's Europe Middle East Africa (EMEA) CEO, Christian Ulbrich, said: "We have long admired the way Bradford McCormack & Associates has developed its business and its commitment to premium client service. We are delighted Mark and his team have agreed to join Jones Lang LaSalle and this new combination will provide a powerful springboard to our growth aspirations in South Africa and its near neighbours. Most importantly, it ensures that we can seamlessly provide our clients with the full range of services they will require as they build their own businesses in one of the world's fastest growing regions."
"As our country plays an ever increasing role in the region, the formation of Jones Lang LaSalle South Africa places the local property market in a position to provide substantial value to the domestic and global business communities," added Bradford.
Jones Lang LaSalle's Vincent Lottefier, CEO of EMEA Corporate Solutions and a member of the firm's EMEA Management Board, who is in Johannesburg for today's announcement, commented: "With leading Asian economies spearheading a strong influx of foreign direct investment into sub-Saharan Africa, we see important synergies rapidly developing between our new Johannesburg office and our clients in China and India. Today's announcement is a springboard towards these major business opportunities."
"Culturally, this acquisition is a highly complementary match between two organisations that share similar business philosophies and unwavering commitment to the highest ethical standards, providing the best client advice, pursuing excellence and nurturing top talent. We are highly impressed by all Bradford McCormack & Associates have achieved here and excited by the prospects for Jones Lang LaSalle in Johannesburg," concluded Lottefier.
About Jones Lang LaSalle
Jones Lang LaSalle (NYSE: JLL) is a financial and professional services firm specializing in real estate. The firm offers integrated services delivered by expert teams worldwide to clients seeking increased value by owning, occupying or investing in real estate. With 2010 global revenue of more than $2.9 billion, Jones Lang LaSalle serves clients in 60 countries from more than 1,000 locations worldwide, including 185 corporate offices. The firm is an industry leader in property and corporate facility management services, with a portfolio of approximately 1.8 billion square feet worldwide. LaSalle Investment Management, the company's investment management business, is one of the world's largest and most diverse in real estate with more than $41 billion of assets under management. For further information, please visit our website, www.joneslanglasalle.com.
About BMA (now Jones Lang LaSalle South Africa):
Established in 1990, Bradford McCormack & Associates (now Jones Lang LaSalle South Africa) is a leading corporate property service provider in South Africa. The company's visible profile and brand presence is widely associated with the highest levels of integrity and the delivery of professional and entrepreneurial property solutions. From its offices in Johannesburg the company accommodates its clients' requirements throughout the country. The company specialises in providing professional property solutions to its corporate client base in the fields of asset management, tenant representation, capital markets, strategic consulting, office and industrial leasing and lease administration. An equal opportunity employer with an independently accredited Black Economic Empowerment (BEE) rating of 2, BMA (now JLL SA) is an employer of choice and boasts one of the finest and most talented skill sets in the industry. Employment records reflect stability amongst senior staff with some having been associated with the company for over a decade
SOURCE Jones Lang LaSalle