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London/Johannesburg

Jones Lang LaSalle announces South African acquisition   

Leading advisor opens its doors in South Africa, secures acquisition with local property group Bradford McCormack & Associates, forms Jones Lang LaSalle South Africa


London/Johannesburg, 31st March 2011 - Global commercial real estate firm Jones Lang LaSalle (NYSE: JLL) today announced the formation of Jones Lang LaSalle South Africa following the acquisition of one of the country’s leading corporate property service providers, Bradford McCormack & Associates (BMA) for an undisclosed amount. The acquisition will give Jones Lang LaSalle its first dedicated office in South Africa, although the firm is already present at several client facilities across the country.
 
The acquisition represents one of the largest international investments in the local property services sector to date and points to a strong global commitment towards an already robust domestic commercial property market. More specifically, the deal opens up accelerated business growth opportunities for both firms across South Africa and its neighbouring countries.
 
BMA has a client base that includes ABSA Bank (Barclays), Nestlé, the Johannesburg Stock Exchange, Miele SA and a number of South African government departments.  The firm has a strong track record in a broad range of services including office and industrial leasing, capital markets, tenant representation, lease administration, strategic consulting and asset management.
 
Mark Bradford, Managing Director of BMA, who now becomes Managing Director of Jones Lang LaSalle South Africa, said, “The domestic property market remains a solid indicator of broader economic activity. An increasingly positive economic outlook this year is seeing upticks in demand for space. Today’s acquisition by Jones Lang LaSalle introduces a number of globally relevant offerings in meeting this demand and places our organisation in an appreciably enhanced position to service local and international companies within our market.”
 
Jones Lang LaSalle’s Europe Middle East Africa (EMEA) CEO, Christian Ulbrich, said: “We have long admired the way Bradford McCormack & Associates has developed its business and its commitment to premium client service.  We are delighted Mark and his team have agreed to join Jones Lang LaSalle and this new combination will provide a powerful springboard to our growth aspirations in South Africa and its near neighbours.  Most importantly, it ensures that we can seamlessly provide our clients with the full range of services they will require as they build their own businesses in one of the world’s fastest growing regions.” 
 
“As our country plays an ever increasing role in the region, the formation of Jones Lang LaSalle South Africa places the local property market in a position to provide substantial value to the domestic and global business communities,” added Bradford.
 
Jones Lang LaSalle’s Vincent Lottefier, CEO of EMEA Corporate Solutions and a member of the firm’s EMEA Management Board, who is in Johannesburg for today’s announcement, commented: “With leading Asian economies spearheading a strong influx of foreign direct investment into sub-Saharan Africa, we see important synergies rapidly developing between our new Johannesburg office and our clients in China and India. Today’s announcement is a springboard towards these major business opportunities”.
 
“Culturally, this acquisition is a highly complementary match between two organisations that share similar business philosophies and unwavering commitment to the highest ethical standards, providing the best client advice, pursuing excellence and nurturing top talent.  We are highly impressed by all Bradford McCormack & Associates have achieved here and excited by the prospects for Jones Lang LaSalle in Johannesburg,” concluded Lottefier.