Real estate money management and services firm Jones Lang LaSalle Inc. (NYSE: JLL) is expanding its global platform with three deals announced this week, including the launch of a retail joint venture with a subsidiary of Australia’s largest bank.
With a formal launch slated for June 1, Jones Lang LaSalle and Colonial First State Property Management have formed Sandalwood, a joint venture company poised to capitalize on Asia’s premium retail property opportunities. Sandalwood will be the first integrated retail development and management service provider to operate across Asia.
Jones Lang LaSalle is a global real estate money management and services firm operating in more than 700 cities in over 60 countries. In Asia Pacific, the firm has over 50 years of experience with a network of more than 70 owned offices in 13 countries across the region.
Colonial First State Property Management — Jones Lang LaSalle’s 50:50 partner in Sandalwood — is one of Australia’s largest full service property development, management and leasing specialists. Colonial First State Property Management has developed more than 25 major shopping centers and manages 36 centers on behalf of third-party clients in every state of Australia.
The new company will be based in Singapore and will offer consulting, leasing, development and shopping center management services. Initially, its operations will cover Singapore, Hong Kong, China, Macau, Taiwan, Indonesia and India.
Jones Lang LaSalle is growing its business in Turkey and the Philippines as well. The company has extended and formalized an exclusive relationship with Alkas Consulting for shopping center development, leasing and management in Turkey. Established in 1997, Alkas recently opened the shopping centers of Istinye Park, Kent Meydanı in Bursa and Panora in Ankara.
In the Philippines, Jones Lang LaSalle has merged with Leechiu & Associates, a privately held company with a dominant position in the agency business in the Philippines, to form Jones Lang LaSalle Leechiu. The merger creates one of the largest real estate firms in the country with six offices, more than 175 employees and 3.1 million sq. ft. under management. Annual revenues for the Manila-based business is are projected to exceed $10 million, the company estimates.