JLL has announced its acquisition of ACREST, one of Germany’s leading retail real estate asset management businesses, following approval from Germany’s competition authority, Kartellamt. ACREST manages more than €5.1bn of assets on behalf of its clients, comprising more than 900 properties totalling more than 5 million square meters of leasable retail space. The company is based in Berlin and employs 160 people.
Frank Pörschke, CEO of JLL Germany, said: “This acquisition will expand JLL’s retail services to include a highly professional and well-established asset management capability. We will be able to offer unique breadth and depth of retail advice and services to our clients across Germany, complementing our comprehensive broader service offer. ACREST is a young and dynamic company with a compelling growth story.”
Robert Bonwell, CEO of EMEA Retail at JLL, added: “Clients in Germany have been asking us for a high quality asset management capability to fit alongside our market-leading retail real estate services offer. ACREST provides the ideal solution to this growing demand. It is a business we admire and respect, with a similar commitment to long-term client service excellence. We are excited by the potential of now putting these two complementary businesses together.”
Jörg Ritter, JLL’s German management Board member for Retail, said: “This acquisition will open up exciting new growth opportunities. ACREST and JLL have a similar way of working and both companies pursue a ‘one stop shop’ philosophy that will appeal to clients seeking integrated retail services.”
ACREST’s joint shareholders, Stefan Zimmermann and Matthias Schmitz, will lead the new JLL Retail Asset Management group in Germany, reporting to Jörg Ritter.
Matthias Schmitz said: “JLL is the clear leader in real estate services across Germany. We are looking forward to ACREST playing a full part in that continuing success story in the future and, in turn, to benefitting from JLL’s global presence and platform.”
Stefan Zimmermann said: “JLL’s leading position across EMEA will allow ACREST to work with German clients on an international scale, expanding our existing capabilities. Our merger with JLL brings great growth potential. It also opens up some exciting career development opportunities for our people.” ACREST, which will continue to operate from its current Berlin office, will be fully rebranded as JLL after a transitional period.
Source: JLL
