Article Abstract:
The merger between two property companies LaSalle based in the US and Jones Lang Wootton in the UK, will give the new company a market capitalisation of around $900 million. They will manage some 650 million sq ft of property and have investments worth 11.9 billion pounds sterling. The new firm will be known as Jones Lang LaSalle. They are planning to expand into South America and have already established an office in Brazil. The company will have 6,000 employees. The management has plans to invest in more information technology and in a few special properties along with some co-investments.
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Article Abstract:
A study of 27 UK fund managers found 60% would favour finding a partner before investing in Europe. Some property firms have decided not to move into Europe and are content to stay in the UK market. Whilst other smaller firms may have to find partners, in order to survive in the larger European market. Land Securities intends to remain in the UK. Whilst Dutch Developer MAB Chairman Ton Meijer finds investing throughout Europe has been made easier with the introduction of the euro. Hammerson has concentrated in investing in quality shopping centres in a few locations within Europe.
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GVA Grimley Prospective Chief Executive Michael Corbett has plans to improve the firms share of business in London by some 50%. He confirms the property company is always considering buying other companies. He also admits GVA needed to make some changes after underperforming in the early 1990s. Corbett points out the company has no plans to float on the stock market. The partnership plans to change its style of management hence the appointment of a new chairman and chief executive. Corbett will take on his new role during May 1999.
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