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MIPIM, Cannes & London

Jones Lang LaSalle Advised Itochu on Kwik-Fit Acquisition


Jones Lang LaSalle has advised Japanese multinational Itochu on the real estate aspects of the acquisition of the UK's best-known tyre retailer, Kwik-Fit from private equity firm PAI partners. Kwik-Fit has around 670 outlets throughout the UK, plus 500 outlets in France and Netherlands which have also been acquired as part of the deal.
 
Commenting on the deal John Harrison, associate director in Jones Lang LaSalle’s Valuation Advisory team, said; “We gather that Itochu was the only bidder to undertake detailed real estate due diligence which shows their thoroughness and determination.  By helping to bottom out the risks on this large leasehold portfolio we enabled the client to formulate its bid with greater confidence and ultimate success. Key in this unusual job was the collaboration and teamwork between different disciplines such as Valuation Advisory and Building Surveying within Jones Lang LaSalle’s Professional Advisory team.  This win demonstrates the scale and depth of the firm’s resources and the ability of our professional teams to respond to the needs of international corporate occupiers whatever the nature of the real estate.”