Wed, 25 May 2011 | BUSINESS SALE
The US-based property giant Jones Lang LaSalle is said to be considering acquiring property consultant King Sturge, according to Property Week.
If the deal came off, it would create the largest property agency in the UK in terms of turnover. King Sturge is currently the 13th largest consultant in the country, with 728 chartered surveyors, and its price tag is rumoured to be around the £160 million mark.
The King Sturge partners are now said to be planning to vote on the deal over the coming few weeks, which would merge Jones Lang LaSalle’s London expertise and experience in commercial property management, leasing, and investment management with King Sturge's broader coverage of the rest of the country and valuation expertise.
Jones Lang LaSalle's turnover reportedly increased by 20 per cent in the last quarter of 2010 compared to the same time period in 2009, coming in at £437.5 million. Meanwhile, King Sturge generated £137 million worth of tunrover within the UK in the year to April 2011, and £21 million outside the UK over the same time period.
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