Real-estate majors announce merger

The operational headquarters of Jones Lang LaSalle group will be in London, while the holding company will be Chicago-based along with the investment management headquarters.

In India, Lasalle is headquartered in Delhi, while Jones Lang Wootton is headquartered in Mumbai. Earlier Jones Lang Wootton had plans of setting up an office in Delhi.

The transaction is principally structured as a share exchange and has been approved by the board of LaSalle partners and Jones Lang Wootton companies and partnerships.

The transaction is subject to acceptance of the exchange offer by Jones Lang Wootton shareholders and partners’approval by LaSalle shareholders, regulatory and tax clearances and other customary conditions. The transaction is expected to close in early 1999.

The deal will combine Jones Lang Wootton’s international strengths in Europe and Asia Pacific with LaSalle’s spread in North America and its position as an investment-management leader.

The combined entity will have about 650 milllion square feet of office, retail and industrial space under a single management.

The company will include more than 6,000 employees based in 34 countries spread across north and south America, Europe and Asia Pacific.

The announcement was made by Stuart L Scot, chairman and chief executive officers of LaSalle Partners and Christopher A Peacock, chief executive officer of Jones Lang Wootton.

"Jones Lang LaSalle is a merger that realises our mission to create a real-estate services firm of the future. This merger is one that both companies sought as we share the same vision of a worldwide client-oriented services organsiationand have the same mission," Scot said.

Jones Lang Wootton provides a range of real-estate advisory, transactional and asset-management services to clients in both the private and public sectors. Its services also cover commercial real estate like hotel, industrial, office and retail property.