Jones Lang LaSalle and one of the largest privately held real estate services companies in India, formerly known as Trammell Crow Meghraj, have agreed to combine operations. The merger gives Jones Lang LaSalle an immediate increase in the scale of its operations in India. The move also strengthens the firm's depth of resources in the local market. For TCM, Jones Lang LaSalle's global resources will enhance its ability to serve clients' global needs.
Alastair Hughes, Jones Lang LaSalle's CEO EMEA, says, "This more than doubles the size of our business in India and gives us a dominant position in one of the fastest growing economies in the world. This is another important step as we continue to develop our service offering to clients with a careful blend of organic growth and tactical mergers and acquisitions."
Jones Lang LaSalle Meghraj will be the largest real estate services firm in India where it will have approximately 2,800 employees and offices in ten cities. The combined firm, which will have 4 million m² under management across India, will have its head office in New Delhi.
Both Jones Lang LaSalle and TCM's senior management will hold leadership positions within Jones Lang LaSalle Meghraj, and all employees will integrate into similar capacities and roles within the combined organization. Anuj Puri maintains senior oversight as chairman and country head, along with Vincent Lottefier, who was previously Jones Lang LaSalle's Country Head for India, who has been appointed as CEO, India. Two other key senior executives in the new entity are Santhosh Kumar and Gagan Singh who will both assume the roles of deputy CEOs.
Vincent Lottefier, the new CEO of Jones Lang LaSalle Meghraj, said, "Jones Lang LaSalle Meghraj has aggressive growth plans. By 2009, we expect to exceed US $100 million in revenue and aim to establish offices in five more cities, bringing the total number of cities that we operate in to fifteen. We will also introduce additional service lines including a full service hotel division, corporate capital markets, debt and derivatives, asset management and specialist mall management."
Lottefier also said that by 2009 the enlarged firm plans to have increased professional staff numbers by 35% from the current 2,800 employees.
Source: Jones Lang LaSalle