Jones Lang LaSalle (NYSE: JLL) has announced that it will take over all of the Troostwijk Makelaars O.G.'s shares from Troostwijk Groep by 10th May 2007. This will result in a merger of the Dutch activities of Jones Lang LaSalle and Troostwijk Makelaars O.G.
The target is growth en professionalizing of JLL's services and improvement of the company's market position by growth. The merger creates an organization which is able to serve as well national as international clients (investors, developers, tenants and government) in the Dutch property market.
According to a recent poll, Jones Lang LaSalle and Troostwijk Makelaars were ranked 2nd and 4th in terms of real estate agent offices in the Netherlands. Together, the two companies will soon become the market leaders in the Dutch investment market. In 2006 the two firms combined investment transacted totalled €2.3 billion. In terms of office agency the company will become market leaders, with a realised transaction volume in 2006 of 600.000 m² and an instruction portfolio of more than 2 million m² after the merger.
During 2007 the two firms will become one company and trade as Jones Lang LaSalle with the intention to become fully integrated by 1 January 2008. Troostwijk Makelaars O.G. has 75 employees and Jones Lang LaSalle 150 employees. The new Jones Lang LaSalle management board will comprise Chairman, Marijn Snijders, the current Managing Director of Troostwijk Makelaars O.G., Managing Director Eric de Clercq Zubli and Chief Operating Officer (COO) Erik Huigen.
Eric de Clercq Zubli says, "Jones Lang LaSalle and Troostwijk Makelaars have joined forces, because we have a common vision about the future of the property market. The property sector clearly requires professional international parties that aspire to the very best in terms of quality, service provision, accountability and transparency."
Marijn Snijders adds, "This is a very healthy development in the market, which has been successfully anticipated both by Troostwijk Makelaars O.G. and Jones Lang LaSalle for years. By joining forces, we will offer our clients the security of doing business with a very professional organisation which, as a consultant, guarantees complete independence. As a result, this strong new combination will, in my opinion, allow us to accelerate our growth and continue to invest in our people and research."
Troostwijk Group has taken the decision to sell Troostwijk Makelaars so it is better placed to focus on Valuations, it's core business; as well as allowing Troostwijk Makelaars to grow internationally. The international network of Troostwijk Group is primarily focused on valuations. General Manager Ad Westerhof says, "For many years we have had the largest valuations organisation in The Netherlands as well as occupying a prime position internationally. By selling Troostwijk Makelaars they are able to develop from an international perspective and we guarantee the independent position of the Troostwijk Groep. We feel ourselves obliged to our clients, therefore we want to focus on what we've been successful at for the last 75 years - Valuations."
Source: Jones Lang LaSalle
