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- Jones Lang LaSalle Meghraj - the Mega Merger
Jones Lang LaSalle Meghraj will be the Largest Real Estate Services Firm in India
Jones Lang LaSalle Incorporated (NYSE: JLL), the world’s leading integrated global real estate services and money management firm and one of the largest privately held real estate services companies in India formerly known as Trammell Crow Meghraj (TCM), announced today that they have reached an agreement to combine operations.
The merger enables Jones Lang LaSalle, which has an integrated global platform with approximately 160 offices in more than 450 cities in over 50 countries, to add immediate scale in India, one of the world’s fastest growing economies and strengthen its depth of resources in the local market. For TCM, Jones Lang LaSalle’s global resources will enhance their ability to serve clients’ global needs.
“Jones Lang LaSalle has an unmatched global corporate platform and industry best practices while TCM has unparalleled local market penetration and a strong financial position. Together they form the pre-eminent and largest real estate services provider in India, with a robust platform that will play to the strengths of both firms and elevate service delivery, coverage and depth for clients.
The merger will also create a dominant brand and strong market leadership position, which is set to revolutionize the future of the real estate services industry in India. With a much more diverse management team, stronger talent pool, larger geographic footprint and enhanced scope of services, Jones Lang LaSalle Meghraj will be a firm to be reckoned with for all local, regional or global business opportunities in India. All of these would not have been possible as separate firms,” says Mr Peter Barge, Jones Lang LaSalle’s Asia Pacific Chief Executive Officer.
Mr Anuj Puri, Chairman and Country Head of Jones Lang LaSalle Meghraj and previous Managing Director of TCM states, “TCM was built with a vision and zeal to be among the largest end to end real estate service providers in India. Over the last decade, this has been translated into phenomenal growth of TCM on the ground, ever progressive geographic and service coverage all in the context of demonstrating the highest levels of professionalism and integrity.
By this merger, we had envisioned forging a new alliance with a best in class global real estate services firm, which would not only empower our employees to move onto a more robust global service delivery platform but also ensure access to the very best of international standard systems and processes, which would allow for even higher standards of service delivery to our clients in India.”
“In forging the alliance with Jones Lang LaSalle in India, this vision has been realized as the international standing and robustness of Jones Lang LaSalle matches the drive and entrepreneurial spirit that lies at the core of TCM India’s business model.
Both organizations have a similar approach towards maintaining the highest professionalism and integrity in service delivery to clients and commitment to its employees, which forms the bedrock of the new combined business entity through which positive synergies would flow for clients, employees and stakeholders,” adds Mr Puri.
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.
Mr Puri maintains senior oversight as Chairman and Country Head, along with Mr Vincent Lottefier, who was previously Jones Lang LaSalle’s Country Head for India has been appointed as Chief Executive Officer, India.Two other key senior executives in the new entity are Santhosh Kumar (TCM) and Gagan Singh (Jones Lang LaSalle), who will both assume the roles of Deputy CEOs.
Jones Lang LaSalle Meghraj will have approximately 2,800 employees in India, with offices in ten cities. The combined firm, which will have 44 million square feet under management across India, will have its India head office in Delhi.
Mr Vincent Lottefier, the new CEO of Jones Lang LaSalle Meghraj says, “This merger of equals is all about improving service delivery, coverage and depth for our clients and growing career and wealth creation opportunities for all our combined staff. It positions us to expand our capabilities significantly, strengthen our talent pool and leverage the full potential offered by Jones Lang LaSalle’s corporate platform and TCM’s strong reputation in the local market.
The strong client relationships built by the two organizations with reputable global names as well as top Indian brands will reinforce the new entity’s prominent standing in the real estate industry.”
“Jones Lang LaSalle Meghraj has aggressive growth plans. By 2009, we expect to exceed USD 100 million in revenue and aim to establish offices in five more cities, bringing the total number of cities that we operate in to 15. 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.
We will continue to hire and grow our talent pool to ensure that we have the best people to provide quality advice and services to our strong and reputable client base. Our plan is to grow our professional staff strength by 35% over and above the present strength of 2,800 employees by 2009. We are also confident that our tremendous depth of expertise, strong research and thought leadership will position Jones Lang LaSalle Meghraj to influence, drive and lead the real estate debate in India,” adds Mr Lottefier.
Mr Puri concludes, “We are excited by the opportunities that lie ahead for Jones Lang LaSalle Meghraj. The outlook for the firm and the Indian real estate market is positive. India is on the radar of many corporations looking at investing or expanding their businesses in Asia. The real estate market is burgeoning and set to take flight as it becomes a significant contributor to India’s economic growth.
The number of multinational corporations setting up businesses in India is increasing rapidly and local Indian corporates are also expanding aggressively all across the country and abroad. Considering the stage at which the real estate market is at now, we believe there will be strong demand for comprehensive and enhanced scope of real estate services with adoption of international best practices, which is where Jones Lang LaSalle Meghraj has the competitive edge.
As a key player in India, our firm is poised to service, partner and support India’s leading real estate investors and developers to cater to the service needs of a growing number of local and multinational corporates.”
- Business Wire IndiaCommentQuote0Flag
- Jones Lang LaSalle Meghraj - actually a powerful entity
TCM is already powerful in the domestic market and JLL posses its international expertise in the industry, the new merged entity (JLL Meghraj) is surely going to have dominance in the Indian real estate sector. Actually a good step especially for Indian real estateCommentQuote0Flag