An agreement has been reached whereby Newsec is acquiring the Swedish property management operations of Jones Lang LaSalle (JLL), whose customers include major international players such as AXA, Grosvenor, Henderson and IVG. The transaction should be viewed as a key feature of Newsec’s ambition to become the long-term, self-evident and market-leading partner in the field of commercial property management in the Nordic region.
“During the past year, we have implemented a number of acquisitions, created a Nordic platform of wholly owned companies and established several new businesses. The transaction should be viewed as a key feature of our ambition to become the long-term market-leading partner of choice in the field of commercial property management, not least in respect of international customers. As a result of the merger of JLL’s Swedish property management operations, with approximately 60 employees, with our Nordic operations, with more than 400 employees, we will further strengthen our competencies while creating synergies that will generate added value for our customers”, says Björn Lindeborg, Managing Director of Newsec Asset Management.
JLL’s Swedish property management operations, which were formed in 2000, offer comprehensive solutions and possess in-depth competencies in the management of commercial properties. This applies particularly to retail properties, which account for approximately three quarters of the managed portfolio that totals about 1 million m². The acquired operations will be consolidated in Newsec effective September 2, 2013.
“A successful property management operation requires a large volume to develop and sustain a competitive service offering. The security provided to our customers and our employees by Newsec’s strong brand, solid platform and management expertise was a highly important parameter in our choice of counterparty in this transaction. The transaction will also generate synergies, thereby benefiting our property management customers. Our dedication to the Swedish market remains firm and there will be a major focus on further developing our other operations in the future”, says Daniel Gorosch, MD Jones Lang LaSalle Sweden.
Following the transaction, Newsec Asset Management will manage a total of more than 1,500 properties in the Nordic region, including 60 shopping centers, spread over a surface area exceeding 11 million m² and with more than 500 employees.