Jones Lang LaSalle (NYSE: JLL), the leading global real estate services and money management firm, announced today that it is acquiring RSP Group, the leading Dubai-based real estate investment and advisory firm in the Middle East. The acquisition enables Jones Lang LaSalle, which has an integrated global platform with offices in 120 cities in 70 countries, to add immediate scale in the Middle East & North Africa (MENA) from a base in the important Dubai market.
Established in 2002, RSP Group is headquartered in Dubai, UAE and employs a team of 30 professionals who are dedicated to providing strategic real estate investment and advisory services to private and institutional investors and developers. Over the past year the firm has worked in 24 countries throughout MENA on real estate and hospitality developments in excess of US$100 billion. Jones Lang LaSalle has been advising developer and investor clients from within the region on their international requirements for many years; and over the last 18 months the firm has been increasingly active in the local markets.
Alastair Hughes, Jones Lang LaSalle’s CEO EMEA commented: “RSP’s established market knowledge, client contacts and proven reputation in MENA provides a strong complementary fit with Jones Lang LaSalle’s global capability, client base, coverage and international expertise. This acquisition allows us to immediately secure a market leadership position in the region and provides us with an excellent platform and book of business from both organisations throughout MENA. We see this as an exciting growth market and will be looking to expand our capabilities further in the coming months.”
Transaction Highlights:
New acquisition expands Jones Lang LaSalle’s EMEA footprint
Combined business secures market leadership and strong platform for MENA
Strong cultural fit demonstrated by each firm's commitment to client service
Blair Hagkull, Managing Director of RSP Group added: “There is a rapidly growing demand for international real estate expertise across MENA and we see significant advantages for RSP Group in drawing on the international capabilities and strengths of Jones Lang LaSalle. The two firms combined will bring together a wealth of talent and experience in strategic advisory, investment and research for our leading investor, developer and occupier clients.”
RSP Group senior management, Blair Hagkull and Thierry Loué will jointly head Jones Lang LaSalle, MENA and all the RSP employees will be transitioning over to the combined organisation.
This acquisition allows Jones Lang LaSalle to seize the initiative in the rapidly changing and expanding MENA market. The timing is seen as ideal, reflecting the growing demand for international investment-grade commercial property in Dubai combined with the existing stock of residential, hotel, retail and leisure space. The addition of an established Dubai office will add considerable depth and local expertise through the RSP team and create new cross-border and multi-disciplinary opportunities. Demand for Jones Lang LaSalle’s services in the Middle East will come from developers, investors and corporates in the local markets, as well as from the major investors based in the region seeking to invest internationally.
© 2006 Al Bawaba (www.albawaba.com)
